Actis, Mabani seal joint venture deal on ‘big’ estate project in Ghana

Two firms with operations spanning West Africa have announced a joint venture to execute an estate development project in Ghana.

Actis and Mabani Holdings say their joint venture will  boost real estate development in Ghana.

“The joint venture will see Actis and Mabani Holdings Ghana Limited working together on a 70,000 sq metre mixed-use office, hotel, residential and retail development on a seven acre site in central Accra,” they said February 12, 2013 in a joint statement.

According to the statement, the Accra project is already in advanced design development and is expected to break ground in the first quarter of 2014.

“We are delighted to partner with Mabani, a company with a long track record in West Africa and one which shares our vision of the investment opportunity in Ghana and our commitment to developing quality, sustainable real estate,” Actis Head of Real Estate, David Morley said

Ghassan Yared, the CEO of Mabani Holdings Ghana said, “We are proud to be associated with Actis and its outstanding record in real estate development in sub-Saharan Africa, and look forward to bringing world class, quality commercial and residential development to Ghana.”

Actis, which is currently managing $5.2 billion worth of funds across Asia, Africa and Latin America, is behind the development of the Accra Mall and the One Airport Square, all in Ghana’s capital.

By Ekow Quandzie