VENTURES AFRICA – Access Real Estate in Ethiopia recently signed a two billion birr (USD$115m) partnership agreement with Soliton Holding Ltd, a Dubai based firm. The later is expected to invest the money over a period of two years to boost Real Estate projects in Ethiopia.
According to Ermias Amelga, Chairman of Access, the partnership would serve as a sign to other international companies who are interested in investing in Ethiopia.
Meanwhile, Soliton Holding, which focuses on Real Estate, Private Equity/ Financial Services, Energy, Healthcare and Trading, is not only providing financial investment in Access Real Estate. They will also boost existing projects and help restructure the company.
Access currently has 40 construction sites for building villas, apartments and commercial buildings- three of which have failed to meet their delivery deadline due to various challenges.
Soliton Holding, with offices in Hong Kong, UAE, Germany and Africa, see the partnership in Ethiopia as a strategic opportunity to explore other investments on the continent.