May 14, 2015

Momentum raises $50m for African Real Estate Fund

Dolapo Omidire

Earlier this year, Momentum GIM, in conjunction with Eris Property Group successfully closed the first tranche of its African Real Estate Fund with $50 million of institutional, family office and HNW investor capital. The fund intends to focus on the development of retail, commercial and light industrial real estate in sub Saharan Africa ex South Africa, offering investors access to Africa’s strong economic growth and its emerging consumer.

The fund is aimed at long-term institutional investors with a $250m fund-raising target for its final close on 30 June this year. The launch of the Momentum Africa Real Estate Fund is in response to client demand to capitalize on Africa’s growing need for quality retail, office and industrial real estate, driven by a fast growing population which is rapidly gaining increased spending power and is migrating to urban areas.

Momentum has been working on developing relationships in countries such as Ghana, Mozambique and Rwanda in anticipation of the launch of the fund, however they will also be focusing on additional countries including Nigeria and Tanzania in order to explore additional projects. Their approach involves identifying partners in these jurisdictions to assist and participate economically in projects wherever possible.

Overall the geographic focus of the fund Ghana, Kenya, Nigeria, Mozambique, Rwanda & Zambia with prospective investments in the Development & management of retail, office & industrial premises.

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