Gateway Real Estate Africa (GREA), a private real estate development company specialising in turnkey construction in Africa, announced that it will build its first commercial office building in Ghana at Appolonia City, Greater Accra’s inclusive mixed-use new city 20 km from the centre of the capital.
The Grade A commercial complex will offer both corporate office and retail space and will be anchored by Appolonia City to house its headquarters and sales office. USD 4 million will be invested to complete the first phase of this project.
Construction of the 4-storey building is set to commence soon, with anticipated completion in 2022. It will benefit from Appolonia City’s existing world-class infrastructure, such as roads, power, water, waste management and ICT.
“We are pleased to partner with Appolonia City on our first office building in Ghana. Like all our real estate solutions across Africa, Appolonia City’s office building will have quality leases and strong counterparties, starting with Appolonia City itself,” commented Andre Janari, GREA Chief Investment Officer.
Appolonia City CEO Bright Owusu-Amofah said: “We are delighted to welcome Gateway Real Estate Africa to Appolonia City to develop the first office building. We already have a high demand for office and retail space from companies and individuals wishing to enjoy our Live, Work, Play environment, with offices, homes, schools and shops all within walking distance.”
Appolonia City is a 2,325-acre master-planned new city in Greater Accra. Designed and delivered by Rendeavour, Africa’s largest city developer, Appolonia City is designed to cater for integrated living. With more than 500 homes completed or under construction, Appolonia City is rapidly becoming the destination of choice for companies and individuals moving away from Accra’s heavy traffic for a healthy, congestion-free environment.
The construction of GREA’s commercial office building will support Accra’s economy, thanks to GREA’s synergies with Ghanaian professionals such as construction specialists, highly qualified engineers and construction workers.
GREA is affiliated with Grit Real Estate Investment Group (Grit) and was launched by Greg Pearson and Bronwyn Corbett, founder members of Grit after recognising the need for bespoke turnkey developments in select African countries.
Founded in 2014, Grit is the largest pan-African real estate income group listed on several stock exchanges, including the main market of the London Stock Exchange. Grit currently operates across seven countries, with direct investments in five asset classes and 47 assets valued at circa USD 823 million.
In Ghana, Grit has invested USD 45 million over the last 3 years in prime commercial office space, including Capital Place, CADS II and 5th Avenue Corporate Offices in Accra. Sir Samuel Jonah, one of Africa and Ghana’s leading businessmen, is a member of the Grit board.
Sir Samuel said: “Gateway Real Estate Africa’s investment in Appolonia City’s first office building is a demonstration of GREA and Grit’s vision for superior quality real estate in Africa and setting a benchmark for international investment in Ghana.”
Publication: Citi Newsroom