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IFC considers backing RMB Westport’s $450mln Fund II

The IFC’s Board of Directors is meeting at the end of January to consider approval of a $40 million equity investment in RMB Westport’s second real estate development fund. The fund, which has a hard cap of $500 million, will target investments in retail, office and industrial properties in sub-Saharan Africa, with a particular emphasis on the countries of Nigeria, Ghana, Angola and Côte d’Ivoire.

RMB Westport Real Estate Development Fund II is the successor fund to RMB Westport’s first property investment fund, a $256 million vehicle which held its final close in August 2012 and which has made investments in Nigeria, Ghana and Angola. According to the firm’s website, completed projects include Nigeria’s Ikeja City Mall, as well as the Stanbic Heights, Accra Financial Centre and Junction Shopping Centre developments in Ghana.

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