West Hills, Accra and Kumasi Malls sold in a $200mn deal to Lango Real Estate

Accra Mall and West Hills Mall, two of Ghana’s most prominent retail destinations, are set to change hands as part of a major real estate acquisition by Lango Real Estate.

The acquisition, valued at over $200 million, includes a portfolio of four shopping malls, with Accra Mall and West Hills Mall being the focal points in Ghana. Kumasi City Mall in Ghana and Ikeja City Mall in Nigeria are also part of the transaction. Daily Mail GH can confirm that the deal is being financed through a combination of Lango shares and partial debt financing, with RMB acting as the lead arranger.

Founded in 2018, Lango Real Estate focuses on direct investments in prime commercial properties across key African gateway cities. The company was initially established by Growthpoint Properties Limited, South Africa’s largest JSE-listed Reit, and Ninety One, a global investment manager listed on both the London and Johannesburg stock exchanges. Growthpoint holds an estimated 20% stake in Lango, with additional investments from other South African and international institutional investors.

Lango has built a strong track record in executing successful and profitable transactions, such as the acquisition of the RMB Westport property portfolio, a significant deal that excludes South Africa and further propels Lango’s growth. The company’s portfolio now encompasses high-quality commercial real estate assets across Ghana, Zambia, Nigeria, and Angola. Notable properties include the Stanbic and Standard Chartered head offices in Ghana, Manda Hill Shopping Centre in Zambia, and The Wings office complex in Victoria Island, Lagos.

“This transaction is a pivotal moment for Lango,” remarked Thomas Reilly, CEO of Lango. “It not only aligns perfectly with our growth strategy but is also highly beneficial. With this deal, Lango will manage approximately $875mn in assets across four countries, featuring some of the top-performing retail and office properties in the region.”

Hyprop CEO Morne Wilken stated, “This transaction fulfills one of our last remaining strategic goals—exiting the sub-Saharan African market. We anticipate a smooth completion of this deal with Lango.”

Source:dailymailgh.com