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17 February 2020

Charles Russell Speechlys advises Growthpoint Investec African Properties on its acquisition of the RMB Westport Real Estate Development Fund

Charles Russell Speechlys has advised Growthpoint Investec African Properties (GIAP), the pan-African real estate investment business, on its acquisition of RMB Westport Real Estate Development Fund (RMB Westport), which completed recently. RMB Westport holds a portfolio of 9 commercial real estate assets across Sub-Saharan Africa (comprising properties in Ghana, Nigeria and Angola).

This is the third acquisition by GIAP (originally established as a joint venture between Growthpoint Properties and Investec Asset Management). The team at Charles Russell Speechlys also assisted GIAP with its first two acquisitions, of the Achimota Retail Centre, a prime shopping centre in Accra, Ghana; and the Manda Hill Shopping Centre, another prime shopping centre in Lusaka, Zambia – if you would like to read more about these transactions, please click here.

With this latest transaction, GIAP now owns 11 assets in Accra, Lagos, Lusaka and Luanda. We are delighted to have played a part in GIAP broadening its presence across sub-Saharan Africa.

Partner Adrian Mayer commented on the deal: “We were delighted to assist GIAP on its latest acquisition. The business is going through an exciting time of growth, and we are looking forward to supporting GIAP in delivering its future expansion strategy.”

GIAP’s Managing Director, Thomas Reilly, commented: This latest acquisition is now the third that Charles Russell Speechlys has assisted GIAP on, as we roll out our strategy in Sub-Saharan Africa. The input and advice from the team at Charles Russell Speechlys was excellent throughout. Many thanks, once again, to Adrian and Edward and rest of the team at Charles Russell Speechlys for their positive and first-class contributions on this latest, largest and most complex of our acquisitions to date. We look forward to working further with them in the future.”

The Charles Russell Speechlys team was led by Partner Adrian Mayer and Senior Associate Edward Robinson, and also included Thomas Denny and others from across the firm’s Africa team.

 

 

 

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