Advanced Finance & Investment group or AFIG Funds, the private equity investment firm with $122 million under management, announced an undisclosed investment in Ghanaian real estate development company Primrose Properties last week. The investment was made through the firm’s maiden fund, the Atlantic Coast Regional Fund (ACRF), which targets high-growth companies cross all sectors in 29 countries in West and Central Africa.
Accra-based Primrose Properties is a special purpose vehicle 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 Ghanian and Nigerian financial institutions.
The ACRF investment will allow Primrose to fund its current pipeline of development projects including the completion of the Rhombus, its latest project, a mixed-use complex in Kanda, Accra.