Real estate investment trust (Reit) Growthpoint Investec African Properties (GIAP) has successfully concluded the 100% acquisition of Manda Hill shopping centre, in Lusaka, Zambia.
GIAP, a joint venture (JV) between Growthpoint Properties and Investec Asset Management, also recently acquired the Achimota retail centre, in Ghana.
The JV company plans to aggregate a quality portfolio of prime income-producing commercial assets in select cities across Africa.
Manda Hill has 42 000 m2 of retail space, with tenants including Shoprite, Game, Woolworths, Ackermans and Mr Price. GIAP bought the shopping centre from AttAfrica – a JV between JSE-listed Reits Attacq and Hyprop Investments.
“We are excited to again take advantage of a highly attractive entry point into another key city, which we believe has the potential to offer strong growth prospects.
“This acquisition extends our considered asset acquisition strategy, resulting in the well-timed addition of another quality yielding asset to the portfolio at a competitive price,” says GIAP MD Thomas Reilly.
GIAP last year secured more than $212-million from several large institutional and international investors.
Given the current pipeline of assets under discussion, the company expects its capital to be fully invested by the end of the year.