BRITAIN’S MOST PRESTIGIOUS PROPERTY DEVELOPER INVESTS IN NIGERIA
Britain’s Grosvenor group has an excellent reputation and is known for developing prime addresses across Mayfair and Belgravia. The group was established in London during the 17th century and as a part of its expansion strategy today, it is seeking growth opportunities in rapidly growing economies such as Nigeria.
The group is partnering up with investment and development firm RMB Westport, which has been behind numerous retail and office projects across sub-Saharan Africa such as Ikeja City Mall and Accra Financial Centre in Ghana. Grosvenor will now help the firm raise $200m to develop a range of shopping centres, office buildings and industrial assets targeting Nigeria and other African nations primarily.
The investment demonstrates that international investors remain confident in the growing African and Nigerian real estate markets despite the economic drag ongoing due to the commodity price slump. Strong economic fundamentals and a rapidly urbanising population have meant investment remains attractive to foreign investment.
According to research by the UN over 65 African cities have a population of more than one million and around 500 million Africans live in urban centres. With demand far outstripping supply in Africa’s developing consumer market and a lack of quality retail, industrial and office space there is an opportunity for high returns.
Investments such as this will help drive the development of African cities including their economies and provide world class facilities to the emerging affluent and middles classes, providing a catalyst for Africa’s growth story.