Accra Mall, West Hills Mall taken over by South African firm in new deal
The Accra Mall, West Hills Mall and Kumasi City Mall have been taken over by a South African real estate investment firm, Lango.
This follows the completion of a new transaction deal worth more than US$200 million.
The move is part of decision by Lango to enter more African markets with its retail business strategy.
The company’s portfolio now comprises high-quality commercial real estate assets across Ghana, Zambia, Nigeria and Angola.
The new chain of properties add to its already existing business spaces in Ghana including the Achimota Retail Centre, Accra Financial Centre, Stanbic and Standard Chartered headoffices in Ghana.
In addition, the company has properties in other parts of the continent including Manda Hill Shopping Centre in Zambia, and The Wings office complex in Victoria Island, Lagos.
According to Lango, Ghana’s acquisition is expected to position the group as one of the focal Estate development firms in Africa as it adds the Kumasi City Mall and Ikeja City Mall in Lagos Nigeria.
“This transaction is a significant milestone for Lango and not only fits squarely into our growth strategy, but is also highly accretive. The scale achieved by Lango undoubtedly positions it as a leading Sub-Saharan African firm in the industry. Lango will now have US$875 million of assets under management across four countries, with arguably some of the best-performing landmark commercial properties across both the retail and office sectors in select growth cities. These assets are well-positioned to allow Lango to extract synergies and further enhance growth with a high degree of resilience to differing market cycles.” noted Thomas Reilly, CEO of Lango.
Lango is a real estate company focused on generating compelling and sustainable investor returns through the acquisition of prime commercial real estate assets in key gateway cities across the African continent.
Lango commenced operations in March 2018 and the business has since demonstrated significant growth and is emerging as a leader in the asset class in Africa, with assets on its balance sheet in excess of US$600million.
Source: myjoyonline
