Monday, May 23, 2011

Laurus to build US$60m complex in Airport city

Laurus Development Partners is to acquire and develop a 20,000-square metre land at the Airport City in Accra for a corporate office complex.

The project, ‘One Airport Square’, is estimated to cost US$60 million and will be designed by an award-winning Italian architect, Mario Cucinella. It is expected to commence in September this year.

Currently, the Accra Airport city boasts ultra-modern building designs including the Accra Shopping Mall, International Hotels, office complexes as well as high-rise buildings.

The ‘One Airport Square’ project will have office and retail space and serve as a social point with cafes, shops and bars. It will also have 250 car parking spaces, full fire sprinkler provision - among others, designed to capture rainwater for toilet-flushing and watering the landscape.

Laurus as well anticipates investing approximately US$100 million in developing modern retail shops, future malls, office complexes - all to be located in Accra within the next three years.

Laurus Development Partners, a property development company, was founded by private equity firm Actis, which is also responsible for financing the project with focus on property development in West Africa.

Mr. Carlo Matta, CEO Laurus, at a media interaction in Accra said: “There is a persistent need for sustainable, high quality real-estate in Ghana and Nigeria; but too often buildings remain unfinished because of a lack of capital and development expertise.

“Laurus has been created to challenge the status quo and develop environmentally sustainable, large-scale residential and commercial properties.”

The company, whose sub-regional office is headquartered in Accra, is undertaking feasibility studies to venture into affordable housing projects and retail market centres using local content – human resource and materials.

Amanda Jean-Baptiste, Director of Real Estate, Actis, revealed that 40% of Actis’ investment is in Africa.

She explained that Actis, the lead investor and developer of the Accra Mall, has invested about US$150 million in real-estate development in Africa and intends to double its investment in the next five years.

“For Actis, Ghana is the obvious choice for Laurus’ strategic development plan.

Accra is fast becoming the business hub of the region with a flourishing economy and a growing numbers of multinationals choosing to locate here. We see great demand for office and leisure facilities, both here in Ghana and also in Nigeria – this is what Laurus will deliver,” Jean-Baptiste said.

“Actis will direct huge equity investment in emerging markets including Asia, Africa and Latin America; it currently has US$4.8bn funds under management.

“With over 100 investment professionals on the ground in nine offices worldwide, Actis identifies investment opportunities in the emerging markets by bringing local experts together with specialist sector teams,” she remarked.

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