The Accra Financial Center is a mixed use development in downtown Accra that will be anchored by the Agricultural Development Bank. It is RMB Westport’s 2nd office development in Ghana, with the first being Stanbic Heights in the Airport City, which is currently 85% let according to RMB. This new development will offer 13,700sqm of A Grade office space and 314sqm of retail space with 369 parking bays.
As we noted when we covered the $62.5m One Airport Square development by Actis, an emerging market private equity giant; Ghana’s fast growing and politically stable economy is attracting investment into the domestic oil and gas, financial services and real estate sectors. It’s quickly demonstrating that the West African growth story is not restricted to Nigeria.
Given the many risks international investors have to face in Nigeria, Ghana often acts as the gateway to Western Africa. Providing investors with a stable, and in some ways less risky means of getting accustomed to similar culture while investing in an emerging economy with lucrative opportunities. Notwithstanding, Ghana is still riddled with a host of economic and currency related problems.
RMB Westport has not explicitly stated a timeline for the development, however they are promising energy efficient solutions and a host of A Grade facilities. It has also been stated that there will be plans for a 4,000sqm expansion to increase the office space on offer. This will presumably be dependent on the performance of the first phase of the development.