Growthpoint Investec African Properties (GIAP) is a pan-African real estate investment business that was set up in 2015 with a mandate to build a quality portfolio of prime income-producing commercial assets in select cities across Africa excluding South Africa.
Why we’ve invested
GIAP is managed by Growthpoint Investec African Property Management, a 50:50 joint venture between Growthpoint and Investec Asset Management.
GIAP strategically timed its entry into the market to take advantage of a highly attractive entry-point into key cities offering strong growth prospects. GIAP has secured capital commitments over US$300 million from several large institutional and international investors, including US$50 million from Growthpoint. As a result of its very considered asset acquisition strategy, the fund successfully sourced several quality yielding assets at very competitive prices in 2019.
GIAP at glance
In 2019, GIAP made the following acquisitions, expanding its presence across a number of Sub-Saharan African countries with the majority of exposure in key cities in Ghana, Nigeria and Zambia:
- 97.5% of Achimota Retail Centre, a prime shopping centre in Accra, Ghana which includes approximately 15 000m2 of retail space occupied by more than 50 retailers.
- 100% of Manda Hill in central Lusaka, Zambia with 42 000m2 of retail space occupied by more than 120 retailers
- 100% of RMB Westport Real Estate Development Fund Limited (RMB Westport) consisting of 6 assets developed and owned by RMB Westport’s inaugural property development fund