Actis sells 85% stake in $36m Accra Mall

Private equity firm Actis said May 23, 2012 that it has sold its 85% shareholding in Accra Mall to two South African firms. The two are retail property developer, Atterbury, and financial services group, Sanlam.

“This strategic trade sale demonstrates an increasing interest in Ghana by foreign investors and also reflects the acute demand for high quality real estate assets in sub-Saharan Africa,” said Actis in a statement.

The company said it managed the development process, invested the equity and raised the debt to finance the Accra Mall project worth $36 million.

Accra Mall which is Ghana’s first A-grade shopping and leisure centre attracts 135,000 shoppers a week, and rental growth has been strong.

The mall was opened in July 2008.

By Ekow Quandzie