Unlisted logistics and warehousing property group Improvon has concluded a deal with emerging markets private equity group Actis to develop warehousing on the rest of the continent.
Actis, which has had success in retail developments on the continent, wants to replicate this in the industrial sector.
The deal will at the same time help Improvon in its quest to double in size to R12bn in the next five years and paves the way for a possible listing.
Improvon CEO Stefano Contardo said Actis had bought a significant stake in Improvon, a group worth about R6bn.
The two companies will share in profits made in Africa, with Actis being Improvon’s main source of deals on the continent. In terms of the deal, Actis will locate sites in the rest of Africa where Improvon can build and retain high-end logistics properties.
Read more on BusinessDay Live SA.