Johannesburg, 24 October 2013: The launch of African Land Investments (ALI), a real estate investment company focused on sub-Saharan Africa, was announced today.
ALI will invest in existing retail and commercial real estate assets in Ghana, Kenya, Mozambique, Nigeria, Uganda and Zambia. It will be the first Real Estate Investment Trust (REIT) focused solely on the sub-Saharan African market to be listed on the Johannesburg Stock Exchange with a listing planned for mid-November 2013. A secondary listing is anticipated on the Lusaka Stock Exchange.
The emergence of ALI is indicative of the growing stature of the sub-Saharan African real estate market. The continent boasts an increasing number of world-class retail malls and commercial office and light industrial developments; ALI will offer a sales route to the developers of these assets in a market where exit options are rare.
Kevin Teeroovengadum, CEO of ALI said: “The opportunity is immense: when I look at the real estate assets coming to market, I see the chance for us to build a billion dollar fund in the next three years.”
Tami Sokutu, Chairman of ALI, said: “I think African Land Investments has the potential to transform the face of African real estate. The story of growth in sub-Saharan Africa is incontrovertible and we now see an increasing number of Private Equity Real Estate funds and developers responding to rising consumer demand for quality real estate assets; they are going to need an exit route, setting up a robust pipeline.”
In addition to Chairman Tami Sokutu, ALI’s board includes leading names from the worlds of real estate and investment, uniting on-the-ground and international expertise:
– Dominic Adu, Founder, Ghana Home Loans
– Zaid Ghoul, Founder & Managing Partner, MSJY Group
– Roddy McKean, Partner, Anjarwalla & Khanna
– Ahmer Naushad, Director, Majid Al Futtaim Properties
– Ken Reynolds, Head, Nedbank Corporate Property Finance
– Fungai Ruwende, Principal, FHR Capital
ALI is committed to improving green standards in the buildings it acquires; for example, its first planned acquisition Manda Hill Mall in Lusaka, is set to become the first sub-Saharan retail centre, outside of South Africa, to be powered by the sun.