Grosvenor has made its first steps into sub-Saharan Africa, investing in RMB Westport’s Real Estate Development Fund II.
RMB Westport, a real estate investment manager and developer, raised $200m (€178m) for the strategy, including the backing of Grosvenor’s indirect investment division.
The manager is focused on shopping centres, as well as the office and industrial sectors, targeting Nigeria, Ghana, Angola and the Ivory Coast.
Chris Taite, Grosvenor investment director, said: “The investment in RMB Westport is a unique opportunity for Grosvenor to gain exposure to a growing market in a region that lacks high-grade office, retail and industrial space.”
Taite said RMB Westport’s city-focused approach was aligned with Grosvenor’s approach.
“We are confident the strength of their local knowledge and their proven track record in the region will deliver strong risk-adjusted returns for the business,” he added.
Grosvenor said its indirect investment team had now committed £150m (€193m) with specialist third-party managers internationally, including IO Asset Management in the UK, High Street Equity in the US, Kefren Capital Real Estate in Spain and Propertylink in Australia.
Read more on Africa in this month’s feature here.
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