One of insurer Liberty’s main objectives is to launch an African Direct Property Development Fund in 2013 offering investors commercial retail property opportunities in countries such as Nigeria and Kenya.
Stanlib, believes that there is an opportunity to meet the needs of African and international investors who want more exposure and diversity to real estate on the continent.
The African Direct Property Development Fund will offer investors commercial retail property opportunities in countries such as Nigeria and Kenya. The minimum commitment to the fund will be $1m. Liberty is targeting a fund size of $150m. The fund is expected to have an internal rate of return of 25%.
Liberty Properties develops and manages direct property assets and other real estate investments totaling R28 billion in the retail, commercial and hospitality sectors. Most of these properties are owned by Liberty, and provide property exposure in the asset portfolios supporting policyholder liabilities.
Liberty intends to rejuvenate property development business to take advantage of growing demand for retail and commercial property in select African markets and growth pockets in South Africa;