Real Estate

VENTURES AFRICA – Nairobi-based integrated financial services firm, British-American Investments Company (Britam), has ruled out any plan to raise cash from its shareholders to fund ongoing construction of its iconic 31-storey commercial housing project. The skyscraper which will be highest in the country upon completion projected in 2015 will cost the publicly traded Company an [...]

VENTURES AFRICA – The African Development Bank (AfDB) and the Development Bank of Rwanda (BRD) has signed an $8 million Line of Credit (LoC) to boost private sector development in Rwanda by supporting BRD lending to its agriculture, agro-processing, telecommunication, education and tourism infrastructure sectors. The agreement also provides BRD with a technical assistance package [...]

VENTURES AFRICA – Ghana’s President John Dramani yesterday cut the sod to begin construction of a $10 billion ICT village dubbed the HOPE City. The rLG powered project seen as the version of Silicon Valley, HOPE CITY will have six towers of different dimensions – one tower 270m height (75 storeys, the highest in Africa), [...]

VENTURES AFRICA – Emerging economies in Africa offered Hyprop, the JSE-listed shopping centre fund, opportunities to expand on quality existing centres in the continent and develop its own in these regions, CEO Pieter Prinsloo, said on Thursday. In the past financial year, the company acquired 37.5 percent stake in Atterbury Africa, which had already increased its [...]

VENTURES AFRICA – World leading engineering and construction conglomerate, Shapoorji Pallonji International, is planning a major aggressive growth plan into the Middle East and Africa (MEA) region. To achieve this feat, the company has appointed a veteran urban designer and planner, Steven Miller, to its chief business development position in Dubai. As part of a [...]

VENTURES AFRICA – Abu Dhabi firm Tasweek Real Estate Development and Marketing is looking to gain a 30 per cent return on investment (ROI) as it unveils its $40 million Moroccan healthcare project, the Marrakech Healthcare City. The new complex – which will take two years to construct – will be 21,000 square metres in [...]

VENTURES AFRICA – A new five-star hotel and convention centre has opened in Port Elizabeth, the result of a one billion rand ($115.4 million) investment push by Emfuleni Resorts. The new hotel and convention centre will form part of the Broadwalk Casino and Entertainment World on the city’s beach front, which was opened in 2001 [...]

This story was featured in Ventures Africa magazine’s October/November Edition…. Words: Tolu Ogunlesi VENTURES AFRICA - To keep the ocean at bay forever, a wall – The Great Wall of Lagos – is rising. From the Bar Beach Waterfront of Lagos’s Victoria Island it looks like a grey snake nestled in the water. Once completed, the [...]

VENTURES AFRICA – When Lagos, the commercial heart of Nigeria, moved to create more space for its 15 million populace, it went as far as fighting back the Atlantic ocean off its coast to reclaim millions of square kilometres of land – a strong indication of the severity of the congestion of the city. James [...]

VENTURES AFRICA – Le Meritt Holdings is poised to raise 122.6 million rupees ($4 million) in its initial public offering (IPO) early next year, the Mauritian property developer said on Wednesday. Le Meritt would bid 83.2 million ordinary shares on January 24 at an indicative price of 10 rupees per share, the company said in [...]

VENTURES AFRICA – South African hotel chain City Lodge has begun its African expansion, launching a lodge in Botswana which will open to visitors in mid-December. The company’s new three-star facility will be opened under the group’s Town Lodge brand name, and will encompass 106 rooms available for travelling customers. Investment in the new lodge [...]

Lagos, NIGERIA – Millionaire ex-banker, Jim Ovia has concluded plans to bring the prestigious Marriott Hotels brand to Nigeria following the multi-billion naira agreement signed by Quantum Luxury Properties Limited (Quantum Capital), chaired by Ovia, and Marriott Hotels. At the agreement signing ceremony held at the Civic Centre, Lagos on Thursday, the former Managing Director of Zenith Bank Plc, Ovia [...]

VENTURES AFRICA – Tsogo Sun, Africa’s biggest hotels and casino operator, is proceeding with the R200m expansion of its Emnotweni Casino, it said on Monday. This expansion includes the construction of an expanded casino floor, additional gaming positions, additional covered parking, a conference and eventing area and restaurants. Plans are at an advanced stage for [...]

VENTURES AFRICA - Foreign firms in Kenya have been exempted from a requirement which stipulates that foreign-owned firms undertaking construction projects in the country must be at least 30 percent locally owned. New regulations released by the National Construction Authority also allows international financiers to negotiate to undertake the works of the projects. The exemption will [...]

VENTURES AFRICA – World leading hotelier and owner of Sheraton and Le Méridien Hotels -Starwood Hotels & Resorts Worldwide Inc., has announced plans to strengthen its position in Africa by adding 10 new hotels in the next three years. The company already has an existing portfolio of 38 hotels, representing more than 10,000 rooms under [...]