Momentum GIM, in conjunction with Eris Property Group, has successfully closed the first tranche of its African Real Estate Fund with $50m of institutional, family office and HNW investor capital.
The fund will focus on the development of retail, commercial and light industrial real estate in sub-Saharan Africa outside of South Africa, offering investors access to Africa’s strong economic growth and its emerging consumer. The fund is aimed at long-term institutional investors and it has a $250m fund raising target for its final close on June 30th this year. The fund, which has a target size of $250m is domiciled in Mauritius. The initial term of the fund is eight years with two one year extensions.