Find visitors' favorite businesstravel Hotels And.... Book your best!

ad. Buy Grade A Premium Uganda Vanilla Beans NOW Available for Export  

Sanlam Could Invest Part of its USD500Million Africa Real Estate Fund in Uganda

SANLAM plans to invest $500m in commercial property in sub-Saharan Africa, which is experiencing higher economic growth than developed countries.

In an interview with Business Day, Thomas Reilly, CEO of Sanlam Properties, said the rationale behind the planned launch of the Sanlam Africa Real Estate Fund was to focus exclusively on commercial real estate across sub-Saharan Africa, which was experiencing higher economic growth than the rest of the world.

"While there are other property development funds operating in sub-Saharan Africa, the Sanlam Africa Real Estate Fund is different because we are not going to be taking on any developmental risks. We are creating a vehicle that has a lower risk profile by only acquiring existing property assets in retail, industrial and offices," Mr Reilly said.

He said Sanlam was active in 14 countries on the continent and seven of these countries — Ghana, Nigeria, Mozambique, Kenya, Tanzania, Zambia and Uganda — were the target countries for commercial property acquisitions.

"There is a misconception that it’s difficult to do business in Africa, but the truth is that it’s easier to do business in certain countries than others in the continent," Mr Reilly said.

He said Africa’s population was experiencing an increase in income, resulting in an increase in household spending.

The first asset in the planned Sanlam Africa Real Estate Fund would be an 85% acquired shareholding in Accra Mall, the largest shopping mall in Ghana, for $65m, Mr Reilly said.

The acquisition of the property from Actis was made jointly with property and investment company Atterbury, which will take half of the 85% stake.

Sanlam CEO Johan van der Merwe said the growth of Sanlam’s Africa business was a key strategic focus.

"This fund adds to Sanlam’s product offering across the region and will have the ability to leverage off the Sanlam footprint already established," Mr van der Merwe said.

Mr Reilly said the fund would focus on completed income-earning assets only and would aim to largely mitigate development risks and those associated with title.

He said the fund would make A-grade investments in dominant commercial property assets in specific countries in sub-Saharan Africa, excluding SA, Namibia, Swaziland and Lesotho.

"It will provide a platform for investors to gain access to attractive US dollar-denominated returns in sub-Saharan countries which are politically stable and have vibrant growth prospects," Mr Reilly said.

Accra Mall measures 21000m² and was developed in 2008 by Actis. It is a dominant A-grade asset in the region with a strong trading history, attracting as many as 135000 shoppers a week and anchored by retailers Shoprite and Game.

Specific details pertaining to the Sanlam Africa Real Estate Fund will be made available to the market later.

Mr Reilly said sectors the fund had a key focus on included commercial, retail and industrial properties.

"This is an exciting time for us to be in Africa, where there is a huge retail explosion driven by retailers locally, and we want to be facilitators of this growth," Mr Reilly said.

Business Day

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Great Uganda Real Estate Listings.

Haven't yet found what you Want...?

If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page


feel free to ask our business travel consultants.

Book a Prisons & Correctional
Charity Tour

Farmland for Sale
Prime Commercial Property
Entebbe Rd Land 4 Sale
Over 20 Farmland Parcels
Property & Plots of Land

Uganda Online SuperMarket
Online SuperMarket

Uganda Coffee Safari
Book My Coffee Tour

Uganda Honey
Uganda HoneyComb

Subscribe to our Business Travel Newsletter

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Africa Uganda Business Travel News Digest.

Hotel Booking

Car RentalCar Hire

Africa Uganda Shipping & Handling ServicesShipping & Handling Services

Our Sponsorship Policy

Apple Guavas available
Africa Uganda Plants GuideAfrica Plants Guide

Charity Investment Guide
Changing Lives

Africa Uganda SMS Guide
Africa Bulk SMS

Poultry Investment Guide
Poultry Business Guide

Related Pages

Uganda Hotels Directory

Uganda Hotels Booking Guide

Houses U can buy Uganda Real Estate Guide Industrial/Farmland Deals

Uganda Real Estates Guide

The Mountain Gorilla

Uganda Safari Guide

Uganda Weather Today

Book My Hotel

Please note that all fields followed by an asterisk must be filled in.

Please enter the word that you see below.


Uganda Currency