AD Ports signs MoU with Egypt for new terminal in Safaga Port

EGYPT – AD Ports Group has signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian ministry of transportation, for the development and operation of a multipurpose terminal in Safaga Port. Under the MoU, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to developing and operating a multipurpose terminal in Safaga Port, with both parties benefitting from the exchange of expertise and best practices. The MoU aims to support the growth of the Middle…

Read More

Tanzania clears arrears in Shelter Afrique, boosts its stake to 1.72%

TANZANIA – The Government of Tanzania has paid its outstanding capital contribution amounting to US$407,284.97 to Shelter Afrique bringing the total contribution to US$3.1 million. By clearing the arrears, Tanzania has now raised its stake in the pan-African housing development financier to 1.72% from 1.54%. In September 2021, Tanzania paid US$2.7 million in capital contribution, significantly increasing its stakes in the company. “We are grateful to the Government of Tanzania for becoming a fully paid shareholder with no capital arrears. We thank Housing Minister William Lukuvi for supporting this important…

Read More

Government-backed mortgage firm KMRC eyes US$90m bond to fund low-cost housing

KENYA – Financial services company  Kenya Mortgage Refinancing Company (KMRC) plans to raise KSh10 billion (US$90 million) from investors at the capital markets through a bond by December 2021 to finance low-cost housing, reports Business Daily. The proceeds from the bond issue will go to banks and SACCOs for onward lending to homeowners at an annual interest of five percent. “We are looking at a medium-term note of about Sh10 billion (US$90 million)” said KMRC Chief Executive Officer Johnstone Oltetia told the Business Daily. “We will issue tranches overtime to…

Read More

Equites join forces with Eskom Pension and Provident Fund to acquire US$139.4m DSV distribution center

SOUTH AFRICA  – Equites Property Fund and Eskom Pension and Provident Fund (EPPF) have formed a joint venture to acquire a R2.05 billion (US$139.4 million) DSV distribution center in Gauteng, the first of what the partners believe will become a world-class logistics property portfolio, reports IOL News. Equities said it would hold 51 percent of the shares in the joint venture company and EPPF would hold the remaining 49 percent. Equites’ total equity contribution to the joint venture would be R732 million (US$49.8 million), which it would fund from its…

Read More

Grit Real Estate to acquire Orbit Africa facility in Kenya

KENYA – Mauritius-based Grit Real Estate Income Group has secured funding of US$31.5 million for the acquisition, expansion, and redevelopment of the Orbit Africa warehousing and manufacturing facility in Nairobi, Kenya. The funding was secured from Mezzanine Partners GP Proprietary Limited and BluePeak Private Capital with backing from an International Finance Corporation (IFC) debt facility. “The total purchase consideration of US$53.6 million will be settled by way of US$25 million in senior debt finance negotiated with the International Finance Corporation, a member of the World Bank Group, and US$28.6 million…

Read More

DP World joins forces with CDC to invest US$1.7b in African ports

AFRICA –  DP World, a multinational logistics company based in Dubai, has partnered with the UK’s development finance institution and impact investor CDC Group to create a US$1.7 billion investment platform aimed at modernization and expansion of ports and inland logistics across Africa, starting in the ports of Dakar in Senegal, Sokhna in Egypt and Berbera in Somaliland. Trade enabled through the ongoing expansions is expected to create an additional 138,000 employment opportunities in the wider economy and by 2035, the ports are expected to support stable employment for around…

Read More

Real estate company El Asreya Development rebrands as part of its strategic and expansion plan

EGYPT – El Asreya Developments, a leading real estate company, has been rebranded as Atric Developments, as part of its strategic and expansion plan to keep pace with developments in Egypt’s real estate market. Chairperson of Atric Developments Ashraf Naguib said in a press conference that the move comes after very detailed and accurate studies of the market. He added that the company delivered recently the Divina Gardens project, the first villa compound in Shorouk city, which was sold out and delivered a year earlier than scheduled. Naguib praised the…

Read More

Huawei partners real estate developer Tatweer Misr to build smart cities in Egypt

EGYPT – Tatweer Misr, a leading real estate development company, has signed an agreement with Huawei Technologies Egypt to deliver sustainable and smart technological software solutions throughout Tatweer Misr’s projects. The deal was signing and was attended by Tatweer Misr’s President & CEO, Ahmed Shalaby, Huawei Northern Africa Enterprise Business Group’s President, Michael Li, alongside representatives from both companies and the media. The partnership is an important strategic agreement for Tatweer Misr, helping deliver its ambitious plans to launch fully connected sustainable and smart cities in Egypt. Sustainable cities and…

Read More

Real estate company Sotheby International Realty launches in Morocco

MOROCCO – Sotheby’s International Realty, a luxury real estate brand, has announced the opening of Morocco Sotheby’s International Realty, signifying the brand’s first office in Northern Africa. The addition brings the brand’s total number of affiliated offices in the EMEIA region to nearly 200. Morocco Sotheby’s International Realty is owned and operated by David Chicard who brings 15 years of experience to the company. “Morocco offers a stable and inviting environment for global investors,” said Philip White, president and CEO, Sotheby’s International Realty. “The country attracts interest from Americans, Middle…

Read More

Property startup Nomad Homes closed US$20m Series A funding round

EMEA – Nomad Homes, a property technology startup that offers an end-to-end buyer experience for real estate across Europe, the Middle East and Africa, has closed a US$20 million Series A funding round. The round is co-led by 01 Advisors, an investment fund co-founded by former Twitter executives Dick Costolo and Adam Bain, and The Spruce House Partnership, a New York based investment partnership. Nomad pairs technology with local customer service experts to equip home buyers with the confidence to buy their best home, resulting in the simplest, most customized…

Read More