Nedbank CIB Property Finance Africa has concluded a $37.5-million transaction in Accra, Ghana, for the Actis Africa Real Estate Fund.
The facility involves taking over the debt from another financial institution as a precursor to a portfolio refinance structure involving five assets across four countries.
In a statement issued last week, Nedbank said the transaction would afford the fund a significant cost saving.
“This transaction marks a significant milestone for the Property Finance Africa team, with its first transaction concluded in West Africa,” said Nedbank Property Africa divisional head Gerhard Zeelie.
One Airport Square, which is the asset under finance, is located in the established commercial office node known as Airport City, on the doorstep of the Kotoka International Airport.
The property is an A-grade office building that was completed in 2014. The ten- storey multitenanted office building has a gross leasable area of 16 646 m2, with 250 basement parking bays and 25 surface-level parking spaces.
“We believe the manner in which this deal was handled attests to Nedbank’s level of expertise across the continent and we look forward to expanding our portfolio in the West African region,” Zeelie concluded.