The Atlantic Coast Regional Fund (ACRF), managed by Advanced Finance and Investment Group (AFIG Funds), has made a follow-on investment in Primrose Properties Ghana (PPG).
Patrice Backer, CIO of AFIG Funds said: “The follow-on investment was accelerated by the solid performance of ACRF’s initial investment in PPG’s nearly completed Rhombus, a six-story Grade A commercial office and ultra-modern residential project located in Kanda, Accra. The follow-on investment will help PPG consolidate its operations as well as improve corporate governance standards.”
Primrose Properties Ghana is a real estate development company based in Accra, Ghana.
Primrose is focused on the development of commercial and residential properties and has developed a solid track record in Ghana’s growing real estate market.
The follow-on investment is being used to fund the development of a middle-income housing community in Sakumono, Accra.
The Project comprises the construction of over 160 modern apartments and townhouses, targeting Ghana’s growing middle class, in partnership with the Ghana Cement Company, a manufacturer and supplier of cement in Ghana.
ACRF made its initial investment in PPG in April 2015 to fund a pipeline of development projects, including the completion of an ultramodern mixed-use (commercial, office, and residential) complex in Kanda, Accra.
Eric Appiah, Managing Partner of Black Star Advisors, the management company of PPG, said: “We are pleased for the renewed vote of confidence from our partners at AFIG Funds. This follow-on investment helps to fulfil a key strategic priority for PPG to expand access to quality and affordable housing in Ghana, while preparing for scale in this market segment.”
“With Ghana’s housing deficit estimated at nearly 2 million units, PPG’s expansion into the affordable housing segment could not be more timely,” he added.