Novare Africa Property Fund II, the fund with a mandate to invest in retail and commercial real estate in sub-Saharan Africa outside of South Africa, has announced its final close at the end of June 2016.
South Africa’s largest shopping center development to date, the $340 million Mall of Africa, will be fully operational in 17 days — on 28 April 2016.
Private equity fund managers, who adopt longer term time horizons than traditional asset managers, are showing renewed interest in African investment opportunities.
Ikeja City Mall in Lagos has been sold for an undisclosed amount to two South African property funds, Hyprop Investments Limited and Attacq Limited.
At the turn of the century well-off Nigerians struggled to shop in style. Most had to jostle in local markets to buy food or travel to the UK, US or Middle East to replenish their wardrobes.