Momentum reveals African real estate fund

A joint venture between subsidiaries of Africa’s third largest life insurer has raised $170 million for its first African real estate fund.

London-based Momentum Global Investment Management and Eris Property Group, of South Africa, raised the money from 18 investors, including pension funds, institutions and family offices.

“We are extremely grateful to our investors for the support they have given for our maiden fund,” said David Lashbrook, head of Africa real estate at Momentum Global Investment Management.

The firms have already committed nearly a quarter of the fund’s capital to three properties: an office block in Mauritius and two office blocks in Accra, Ghana.

The managers of the Momentum Africa Real Estate Fund will continue to invest in commercial property, including shopping malls and warehouses, in sub-Saharan Africa outside South Africa.

Momentum Global Investment Management and Eris Property Group are subsidiaries of Johannesburg-listed MMI Holdings.

©2017 funds global mena

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