Nedbank CIB Property Finance Africa has announced the conclusion of a US $37,5m transaction in Accra, Ghana for the Actis Africa Real Estate Fund.
The Actis Africa Real Estate Fund was established over a decade ago and has been a prominent market leader investing in the development of institutional quality real estate assets across sub-Saharan Africa.
The facility involved taking over the debt from another financial institution as a precursor to a portfolio refinance structure involving five assets across four countries. The transaction was implemented in an extremely efficient and timeous process from idea conceptualisation to drawdown and will afford Actis Africa Real Estate Fund a significant cost-saving and more time to implement the portfolio refinance.
“This transaction marks a significant milestone for the Property Finance Africa team with its first transaction concluded in West Africa,” says Gerhard Zeelie, Nedbank Divisional Head of Property Finance Africa
One Airport Square, which is the asset under finance, is situated in the established commercial office node known as Airport City in Accra, which is situated on the doorstep of the Kotoka International Airport. The property is an A-grade office building that was completed in 2014. The 10-storey multi-tenanted office building has a GLA of 16,646 sqm with 250 basement parking bays and 25 surface level parking spaces.
“We believe that the manner in which this deal was handled attests to Nedbank’s level of expertise across the continent and we look forward to expanding our portfolio in the West African region,” Zeelie concludes.