Pan-African property fund confidently invests $110m in Mozambican real estate

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Mara Delta has demonstrated its confidence in the Africa real estate business, announcing that it is looking into investing a further US$ 110 million into Mozambique. Mara Delta has demonstrated its confidence in the Africa real estate business, announcing that it is looking into investing a further US$ 110 million into Mozambique.

Mozambique - The slowdown in Africa’s economic growth outlook, and currency volatility, have compelled property developers, retailers and institutional funds to reassess their investment strategies.

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But that doesn’t mean it is the end of the African growth story according to pan-African multi-listed property fund, Mara Delta.

Mara has demonstrated its confidence in the Africa real estate business, announcing that it is looking into investing a further US$ 110 million into Mozambique.

The company said on Monday, that the investment will be channelled to acquire additional four properties, as well as the second stage development of its Anadarko building in the capital city of Maputo.

The company has since 2014 invested in six landmark commercial properties in Mozambique, collectively valued at US$160 million, including buildings such as the Anadarko, Hollard and Vodacom buildings.

‘’We are confident of the long-term growth prospects in Mozambique. The challenges that the country faces are not unique to emerging economies and we are continuously engaging with the Banco de Moçambique on these matters," Head of Developments Greg Pearson said.

Pearson says the company is currently engaging with financiers for a 7 to 10 year Mozambique debt package to refinance the in-country debt and fund the acquisition pipeline.

“Real estate investment is a long-term play, and we certainly remain committed to the countries we invest in,” Pearson added.

CEO Bronwyn Corbett said Mara Delta was focused on creating significant shareholder value, which ensured consistent growth on the African continent.

Mara Delta’s assets in Mozambique include commercial offices and the company recently bought into corporate accommodation as well as retail centres and warehousing.

The company, listed in Johannesburg and Mauritius, also holds a portfolio of assets in Morocco, Zambia, Nigeria, Kenya and Mauritius.

Mozambique country profile

Mozambique is a southern African nation whose long Indian Ocean coastline is dotted with popular beaches like Tofo, as well as offshore marine parks. In the Quirimbas Archipelago, a 250km stretch of coral islands, mangrove-covered Ibo Island has colonial-era ruins. It's also a diving and snorkeling destination, as is Bazaruto Archipelago farther south, with reefs protecting rare marine life including dugongs.

The discovery of gas fields off Mozambique's coast in 2011 is set to transform the economy of one of Africa's poorest nations.

Mozambique’s superb beaches, especially those on the offshore islands, are a major attraction and the country is spreading its appeal amongst travellers with an independent spirit hoping to keep one step ahead of the crowds.

The Republic of Mozambique
Capital: Maputo
Population: 24.5 million
Area: 812,379 sq km (313,661 sq miles)
Languages: Portuguese (official), several indigenous languages, including Makhuwa
Major religions: Christianity, indigenous beliefs, Islam
Life expectancy: 50 years (men), 52 years (women)
Currency: metical

President: Filipe Nyusi
Filipe Nyusi, of the ruling party Frelimo party, was sworn in as president in January 2015.

Read more on:

Listed Property Sector  |  Mozambique Property Market  |  Maputo Property Market  |  Bronwyn Corbett  |  Mara Delta Property Holdings Limited

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