In one of the largest real estate transactions in Africa over the past year, Lango Real Estate has agreed to acquire the Africa retail real estate portfolio owned by JSE-listed REITs Hyprop Investments and Attacq.
Lango, focused on direct investments into prime commercial assets in key gateway cities across the African continent, agreed on the acquisition of a portfolio of four shopping malls located in Accra, Ghana and Lagos, Nigeria, with an attributable value in excess of $200 million.
The assets acquired include three retail assets in Ghana, including the Accra Mall, one of
the leading retail assets on the continent, along with Kumasi City Mall and West Hills Mall.
Ikeja City Mall was also acquired. The portfolio was acquired via an issue of Lango shares to the vendors, along with part debt-finance, with RMB acting as lead arranger.
Launched in 2018, Lango was originally established by South Africa’s largest primary JSE-listed
REIT, Growthpoint Properties Limited, and LSE- and JSE-listed global investment manager,
Ninety One (previously Investec Asset Management).
Growthpoint also has a 20% shareholding in Lango, alongside other notable South African and international institutional investors.
Lango focuses on prime income-generating office, industrial and retail assets spread across key
gateway cities in four countries: Ghana, Zambia, Nigeria and Angola.
Assets include properties such as the Standard Bank (Stanbic) head office in Ghana, Standard Chartered Head Office in Ghana, Manda Hill Shopping Centre in Zambia, and The Wings, an A-grade office complex in Victoria Island, Lagos.
Thomas Reilly, CEO of Lango, said: "Lango will now have $875 million of assets under management across four countries, with arguably some of the best-performing landmark commercial properties across both the retail and office sectors in select growth cities.
"These assets are well-positioned to allow Lango to extract synergies and further enhance growth with a high degree of resilience to differing market cycles.”
Morne Wilken, CEO of Hyprop, said: “Hyprop management has previously committed itself to
achieving several strategic initiatives, with the exit of Sub-Saharan Africa being one of the last
remaining initiatives to be completed."
Attacq CEO, Jackie van Niekerk, said: “Our Rest of Africa (ex-South Africa) investment
has become a small component of Attacq’s real estate investments and has been earmarked as
part of an exit strategy by way of an orderly disposal."
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