A South African real estate investment company called Lango has taken over the West Hills Mall, Kumasi City Mall, and Accra Mall.
This comes after a fresh agreement worth over $200 million US was completed.
The action is a part of Lango’s plan to expand its retail business strategy into new African markets.
Presently, Ghana, Zambia, Nigeria, and Angola are home to premium commercial real estate assets in the company’s portfolio.
The new chain of properties complements its current portfolio of commercial premises in Ghana, which includes the head offices of Standard Chartered, Stanbic, and Achimota Retail Centre, as well as the Accra Financial Centre.
The corporation also has properties around the continent, such as the Wings office complex in Victoria Island, Lagos, and the Manda Hill Shopping Center in Zambia.
Lango states that with the addition of the Kumasi City Mall and Ikeja City Mall in Lagos, Nigeria, the acquisition of Ghana is anticipated to establish the business as one of the leading estate development companies in Africa.
Thomas Reilly, CEO of Lango stated:
“This transaction is a significant milestone for Lango and not only fits squarely into our growth strategy, but is also highly accretive. The scale achieved by Lango undoubtedly positions it as a leading Sub-Saharan African firm in the industry. Lango will now have US$875 million of assets under management across four countries, with arguably some of the best-performing landmark commercial properties across both the retail and office sectors in select growth cities. These assets are well-positioned to allow Lango to extract synergies and further enhance growth with a high degree of resilience to differing market cycles.”
The goal of Lango, a real estate business, is to acquire premium commercial real estate holdings in strategic gateway cities throughout Africa in order to produce attractive and long-term investment returns.
Since starting operations in March 2018, Lango has grown significantly and is becoming a leader in the asset class in Africa, with assets totaling more than US$600 million on its balance sheet.
