HBW Group Pty Ltd., a South African real-estate developer, plans to raise $85 million by selling shares in an African property fund as retailers look for land to expand in the world’s second-fastest growing region.
African Land Investments Ltd. will list on the Johannesburg Stock Exchange in July and on the bourse in Lusaka, Zambia’s capital, Chief Executive Officer Tony Vassilopoulos said in an interview on April 23. The fund will invest in property in nations including Ghana, Kenya, Zambia and Mozambique, he said.
As South Africa’s commercial property market becomes saturated, retailers are looking to other countries on the continent for expansion, Vassilopoulos said. Sub-Saharan Africa is also attracting European retailers struggling in their home markets, he said. Growth in the region is forecast at 5.6 percent this year, faster than 3.3 percent globally, according to the International Monetary Fund. Only developing Asia is projected to have a higher rate, at 7.1 percent.
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