Real estate investment trust (Reit) Growthpoint Investec African Properties (Giap) has successfully acquired the RMB Westport Real Estate Development Fund.
The entity houses the assets developed and owned by Reit RMB Westport’s inaugural property development fund.
The acquisition of the RMB Westport portfolio of assets is a significant leap for the business and gives Giap an asset base of about $500-million and a presence across a number of sub-Saharan African countries, with the majority of exposure in key cities in Ghana, Nigeria and Zambia.
The latest transaction follows on the Reit’s acquisition of the Achimota retail centre, in Ghana, and the Manda Hill shopping centre, in Zambia, earlier this year.
Giap now owns 11 assets across four countries, including what it says are some of the best performing landmark assets in the retail and office sectors in the various cities in which they are based.
The Reit is a joint venture between Growthpoint Properties and Investec Asset Management.