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The Board of Directors of the US government’s finance institution, Overseas Private Investment Corporation (OPIC), has approved a $100 million for an investment fund, Actis Africa Real Estate Fund 2 LP, to build quality commercial real estate in sub-Saharan Africa including Ghana.
The OPIC says the Actis Fund will invest primarily in greenfield property developments in high-growth markets in East and West Africa focusing on retail and office sectors, as well as some residential and mixed-use development.
“Target countries include Ghana, Kenya, Nigeria, Tanzania, Uganda and Zambia,” the US agency said in a statement June 20, 2012.
In many cases, the fund’s investments will produce the first international-standard retail mall and/or Grade A office building in the targeted markets, the OPIC added.
The fund has a target capitalization of $250 million, according to the OPIC.
OPIC sees sub-Saharan Africa as “one of the fastest-urbanizing areas in the world,” but the region “suffers from significant underinvestment in office space.”
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