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IFC mulls commitment to Maris’ planned $70mln capital raise

International Finance Corporation’s board of directors are scheduled to meet in early December to review a proposed commitment of $10 million to Maris Capital’s planned $70 million investment vehicle Africa Logistics Properties.

Africa Logistics Properties (ALP) will focus its investments on developing and managing Grade A warehouses in sub-Saharan Africa. In ALP’s first investment phase, Nairobi-based Maris Capital plans to l develop three new projects at key strategic sites around the Kenyan capital. Future phases are expected to include the development of other warehousing assets in other parts of Kenya as well as the broader Sub-Saharan African region.

It’s hoped that IFC’s participation as an anchor investor will encourage additional capital commitments from African and international institutional investors to ALP, thereby facilitating the development of a network of new and remodeled warehouses throughout the country. These will be designed to meet international standards, satisfying the demands of both multinational and local operators and helping to make the logistics industry in the region more efficient.

Maris Capital, which counts the Oxford University Endowment and Dutch development bank, FMO, among its largest shareholders, was founded in 2010. Currently, it has stakes in 17 businesses in the mining, property, agriculture and telecoms sectors across seven counties in sub-Saharan Africa.

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