Pan-African real estate investment trust (Reit) Growthpoint Investec African Properties (GIAP) on Monday concluded the acquisition of 97.5% in Achimota Retail Centre, a prime shopping centre in Accra, Ghana.
The asset was acquired from AttAfrica, which is a joint venture (JV) between JSE-listed Reits Attacq and Hyprop Investments, with other smaller stakeholders.
GIAP, a JV between Growthpoint Properties and Investec Asset Management, has begun aggregating a portfolio of prime income-producing commercial assets in select cities across Africa.
The company on Monday said this acquisition marked the first of a pipeline of assets that were being pursued by GIAP.
The Achimota centre comprises about 15 000 m2 of retail space, which is occupied by more than 50 retailers, including Game, Shoprite, Mr Price, Pizza Hut and KFC.
GIAP hopes 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.