Commenting on the deal, Mark Preston, Chief Executive of the Grosvenor Group, said:

“This investment reflects our ambition to continue to diversify the Grosvenor Group. We have been keeping abreast of the opportunities in sub-Saharan Africa for some time and think that now is the right time to start investing in the region. It is a significant step for Grosvenor and I hope that we will increase our investment in the region over the long-term.”

Chris Taite, Grosvenor Group Investment Director, added that this investment would give them the opportunity to gain exposure to the sub-Saharan Africa region.

This investment commitment demonstrates that international institutional investors still have confidence in real estate markets across Africa despite the commodity crisis that has faced economies like Nigeria, Angola, Zambia and even Ghana. Africa’s rapidly growing urban population and strong economic fundamentals still remain attractive for investors across board.

To date, the Indirect Investment team has committed £150m with a variety of specialist third-party managers internationally. This includes: IO Asset Management in the UK; High Street Equity in the USA; Kefren Capital Real Estate in Spain; and Propertylink in Australia, which acquired 320 Pitt Street, an office tower in Sydney, for AUS$200m earlier this year.