adminResilient Property Income Fund’s strategy to be the leader in African continental property management is set to gain momentum as it targets acquisitions in Zimbabwe among other African countries.
Business Day reports that this was after the real estate investment trust (Reit) announced that it had decided to increase to R1bn its capital commitment to its joint venture, Resilient Africa, for developing properties in Nigeria. Resilient has a 50.98 percent interest in Resilient Africa, with Standard Bank and Shoprite Checkers as partners.
The report says the venture, which has about R2bn in equity, is building the Delta Mall in Warri, Delta State. It has also recently commenced construction on a mall in Owerri, Imo State.
Delta International Property Holdings, the first JSE-listed property fund to offer investors direct access to high growth opportunities elsewhere in Africa, is, meanwhile, targeting properties in Ghana and Nigeria in its ‘next wave’ of acquisitions. According to Business Report, CEO Louis Schnetler said that the fund had identified an acquisition pipeline of more than $200m. In the second phase it would also be looking for acquisitions in Angola, Gabon, Tanzania, Tunisia, Zambia and Zimbabwe. — Business Report.
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