Advanced Finance and Investment Group, widely known as AFIG Funds, is making a follow-on investment in Primrose Properties Ghana on behalf of the Atlantic Coast Regional Fund, (ACRF). Terms of the transaction were not disclosed.
The fund originally backed the real estate development company in April 2015. Accra-based Primrose Properties is a special purpose vehicle which was formed in 2006 to develop, hold and invest in high-quality real estate assets. According to the firm’s website, it counts major oil and gas corporations, foreign multinationals and the diplomatic corps among its clients. Funding for projects has been sourced from shareholder equity as well as Ghanaian and Nigerian financial institutions.
“The follow-on investment was accelerated by the solid performance of ACRF’s initial investment in PPG’s nearly completed Rhombus, a six-storey Grade A commercial office and ultra-modern residential project located in Kanda, Accra,” said Patrice Backer, AFIG Funds’ COO. “The follow-on investment will help PPG consolidate its operations as well as improve corporate governance standards.”
The fresh capital will be used to fund the development of a middle-income housing community in Sakumono, a suburb of Ghana’s capital, Accra. Once complete, the Sakumono project, which is being undertaken in partnership with Ghana Cement Company, will have built 160 modern apartments and townhouses to sell to Ghana’s growing middle class.