Lango, a South African real estate investment firm has acquired three major shopping centres in Ghana, Accra Mall, West Hills Mall, and Kumasi City Mall in a deal hovering around $200 million. This acquisition adds on to its existing holdings in Ghana, including the Achimota Retail Centre, Accra Financial Centre, and the headquarters of both Stanbic and Standard Chartered.
According Lango’s Chief Executive Officer, Thomas Reilly, the transaction forms part of Lango’s broader strategy to deepen its retail footprint across the continent with the addition of these prime Ghanaian assets. Lango’s portfolio now consists of high-quality commercial properties across Ghana, Zambia, Nigeria, and Angola.
“The scale achieved by Lango undoubtedly positions it as a leading Sub-Saharan African player in the real estate sector,” Mr Reilly remarked.
With this deal, Lango’s assets under management have accrued to $875 million, spanning four countries and featuring some of the region’s most prominent commercial properties.
Founded in 2018, Lango has swiftly ascended the ranks in Africa’s real estate market, now commanding a portfolio valued at over $600 million. The firm says it remains focused on acquiring prime commercial assets in key gateway cities, aiming to deliver sustainable returns to investors while navigating the continent’s diverse market cycles.
Major shopping malls like Accra Mall, West Hills Mall, and another significant malls in Ghana serve as key retail hubs, attracting not only local shoppers but also tourists and visitors from neighbouring countries. The acquisition of such malls underscores their strategic importance in the region’s retail landscape, indicating a shift in the country’s retail sector.
The concern for many however remains that none of these huge investments are owned by indigenes, leading to capital flights and its attendant perennial depreciation of the cedi.
