Is Retail Property Space Booming In Ghana?

Is Retail Property Space Booming In Ghana?

Booming in Ghana? South Africans, Europeans and Americans are driving demand for expatriate residential, retail and commercial space in Ghana – West Africa’s second-largest economy after Nigeria – according to a report in VenturesAfrica.

Companies opening stores in Ghana and targeting Ghana’s emerging middle class include South African giant clothing retailer, Edcon; Africa’s biggest food retailer, Shoprite; and mobile phone maker Samsung, the report said.

Broll Ghana, a division of South Africa-based property manager Broll, plans to manage about 70 percent of the 100,000-square meters set to become available during this property boom period in Ghana, according to Eric Abu, a portfolio executive at Broll Ghana.

“We have seen an upsurge in development for both retail and residential,” Abu told Business Day (Nigeria) in an interview.

Ghana’s Achimota Shopping Centre project, scheduled for completion in April 2015, is the latest development in Ghana by South African property investment and development company Atterbury Africa – the majority shareholders of Accra Mall and the West Hills Mall. Broll Ghana has exclusive rights to lease the shopping center, according to its website.

Broll Ghana is thinking about listing on the Ghana Stock Exchange within the next three years, Abu said.

Headquartered in South Africa, Broll has offices in Indian Ocean Islands, Kenya, Malawi, Namibia, Nigeria, Rwanda and outside Africa.

A commercial property services group, Broll has an international partnership with CBRE, a Los Angeles-based real estate services company, according to its website.

Edcon has been expanding fast outside South Africa with stores including Jet‚ Jet Mart and Edgars Active. It grew the number of stores outside South Africa by 39‚ from 115 at the end of the second quarter to 154 at the end of the third quarter, according to a report in BusinessDayOnline.

South Africa’s largest clothing retailer, Edcon operates in Zambia‚ Zimbabwe‚ Lesotho‚ Swaziland‚ Botswana and Namibia.