Novare Africa Property Fund II closes at $350M

Novare Africa Property Fund II closes at $350M

Novare Africa Property Fund II, the fund with a mandate to invest in retail and commercial real estate in sub-Saharan Africa outside of South Africa, has announced its final close at the end of June 2016.

The fund, which will be listed on the Mauritius Stock Exchange at the end of July 2016, has raised $350 million (R5.25 billion) for investment in a portfolio of new developments in, amongst others, Nigeria, Zambia and Mozambique. It is managed by Novare Fund Manager in Mauritius, while Novare Equity Partners provides a sub-advisory role, being tasked with sourcing potential new development opportunities.

Derrick Roper, chief executive of Novare Equity Partners, said that while uncertainty and volatility had clouded the investment outlook for the continent, Novare’s Africa Property Fund will benefit in the longer term from positive demographics, urbanization and growing personal incomes.

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