Charles Russell Speechlys advises Growthpoint Investec African Properties on its first two acquisitions in Africa
Charles Russell Speechlys has advised Growthpoint Investec African Properties Limited (GIAP), the pan-African real estate investment business managed by Growthpoint Investec African Property Management, on its first two acquisitions, in Ghana and Zambia. This is part of GIAP’s strategy to aggregate a quality portfolio of prime income-producing commercial real estate assets in select cities across Africa.
The first acquisition was of Achimota Retail Centre, a prime shopping centre in Accra, Ghana. The centre comprises about 15.000 m2 of retail space, and is home to more than 50 retailers. This acquisition completed in early July 2019.
The second acquisition, which completed on 5th August 2019, was of Manda Hill Shopping Centre (Manda Hill), another prime shopping centre in Lusaka, Zambia. Manda Hill, is located in central Lusaka, includes approximately 42,000sqm of retail space occupied by more than 120 retailers, including prominent tenants such as Shoprite, Game, Woolworths, Ackermans and Mr Price. The acquisition of Manda Hill marks the second key acquisition for the business and forms part of a pipeline of assets currently being negotiated for acquisition by GIAP.
GIAP was established by Growthpoint Properties Limited and Investec Asset Management, in partnership with the International Finance Corporation. GIAP achieved its first close on 31 March 2018 with committed capital of US$212 million.
Thomas Reilly, Managing Director of Growthpoint Investec African Properties, said:
“These investments mark the first in a pipeline of acquisitions, as part of our strategy to aid the development of local African real estate markets and to contribute to the wide-ranging developmental impact that real estate can have in such markets. GIAP has timed its entry into the market to take advantage of a highly attractive entry-point into key cities, which we view as offering strong growth prospects. Many thanks to Adrian and rest of the team at Charles Russell Speechlys whose excellent and practical advice, coupled with great experience and commercial knowledge of transacting and advising on deals in Africa, was important in getting these deals over the line.”
Corporate Partner at Charles Russell Speechlys, Adrian Mayer commented:
“We were delighted to support Thomas and the team at GIAP in navigating through the complexities of these transactions, the first acquisitions of this kind for GIAP. We were able to draw upon expertise from a multi -disciplinary team across our Corporate, Banking & Finance, Real Estate & Construction teams, bolstered of course by our wealth of experience advising on Africa related deals. We look forward to working further with GIAP as it deploys on its strategy going forward.”
The Charles Russell Speechlys team for both transactions, was led by Corporate Partner Adrian Mayer, with Senior Corporate Associate Edward Robinson; and also comprised, Corporate Associate Rebecca Brown, Banking & Finance Partner Jon Bond, Senior Banking & Finance Associate Susan Mitchell, and Real Estate & Construction Partner Naomi Nettleton.
Read more about our expertise and focus on Africa here.
Service charge demands: a reminder of key principles
What are the key principles, implications and key takeaways?
Record success for Charles Russell Speechlys’ Private Wealth practice in Chambers HNW 2021 directory
We are delighted to have once again been recognised as a leader in our field in the Chambers High Net Worth 2021 Guide.
Untangling the UK/Swiss Knot: Dealing with a cross border estate
What do the family need to think about following the death of a Swiss person with some UK connections?
Finance Bill 21/22: the implications for corporate taxpayers
The Finance Bill 2021-2022 was published yesterday. What impact will this have on corporate tax payers?
Barclay v Barclay: A Stark Reminder for Badly Behaved High-Profile Litigants
David considers the Barclay v Barclay case and if the judgment should be published, given it's severe criticism of Lord Barclay's conduct
Charles Russell Speechlys advises Duke Royalty on royalty financing agreement with Fairmed Healthcare AG
Duke Royalty is the leading provider of royalty finance to companies in the UK and Europe.
Charles Russell Speechlys shortlisted for Best EIS/SEIS Legal/Regulatory Adviser at 2021 EISA Awards
The Awards denote excellence and recognise the achievements of EIS/SEIS practitioners over the past year.
COVID-19 Vaccination – can an employer make it compulsory for employees?
We review what legal issues to take into account when considering to make vaccination compulsory as an employer.
Charles Russell Speechlys advises on the sale of No.1 Lounges Ltd to SwissportALD
SwissportALD will run nine No.1 Lounge properties at the UK’s London Heathrow, London Gatwick, and Birmingham airports.
Northern Light: Illuminating IR35
Guy and Hugh take a look at the recent case of Northern Light Solutions Ltd v Revenue and Customs Comrs
Charles Russell Speechlys releases H1 2021 deal highlights
Our deal highlights from the past 6 months are now available.
Housing-with-care considered in first ever parliamentary debate
The first ever formal parliamentary debate into housing-with-care focussed on the effect of the Covid-19 pandemic on retirement communities
Q&A: Duval and consent for alterations
Q&A from a landlord and tenant on consent to carry out works in the light of the Supreme Court ruling in Duval.
Dispensation from consultation and major works
The Court of Appeal upheld the FTT judgement in Aster Communities v Chapman & Others, but what does this mean for landlords and tenants?
Property Patter: the whys and wherefores of receivership
What is a fixed charge receiver?
Force majeure and COVID-19: claims of the unexpected
John and Simon look at a force majeure claim arising out of the pandemic and the application of the Braganza duty.
Changes to Right to Work Checks from 1 July 2021
EEA citizens and their family members are required to evidence immigration status in the UK, in the same way as other foreign nationals.
Later Living: The rise of retirement villages
As the over 65 years population continues to rise and retirement living grows, what does this mean for lenders?
Property finance disputes - what can be recovered from negligent advisors?
Manchester Building Society v Grant Thornton UK LLP – Clarification of the SAAMCO test by the Supreme Court