Our investment
In 2015, CDC committed $65m to ARE3, alongside the IFC and endowments from Africa, Asia, Europe and North America. The fund has a total size of $506 million. Our investment will support residential, retail, office and industrial developments in the capitals of several sub-Saharan African markets.
Expected impact
Rapid urbanisation and population growth are boosting the number of people in Africa's cities and driving the demand for real estate, both business and residential. Mixed-use developments have been able to help meet this demand. Our investment will enable the fund manager to support the development of real estate in Kenya, Nigeria, Ivory Coast, Cameroon, Mozambique, Zambia and Ghana. Actis has also created Garden City, a mixed-use urban development in the eastern suburbs of Nairobi, that incorporates office, residential and retail space. It has received LEED building certification for the retail and Green Star rating for the residential portion of the project. Actis also set up a vocational project, to train 120 unskilled workers from IFC of the World Bank Group.
Environmental and social aspects
The fund manager has a well-established approach to environmental and social (E&S) management and we will continue to support and monitor its approach as the portfolio grows.
Key facts
- Status:
- Active
- Region
:
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa
- Sector
:
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Construction and real estate
- Website:
- https://protect-eu.mimecast.com/s/b2vUCJqXYFqNBq4UVWMnKE?domain=act.is/
- Investment type
:
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- Actis LLP
- Start date
:
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- August 2015
- Amount
:
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
- $65m
- Domicile
:
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
- England
Investments made by this fund
- Active
- Exited
| Investment name | Country | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
|
Garden City
Nairobi's Garden City is a $540 million phased project comprising one of the largest mixed-use real estate developments in Africa. With over 400 residential units, and 33,500 square metres of retail space spread across three floors, Garden City Mall officially opened its doors in September 2015. Investment firm Actis brought together a consortium of local and international experts to deliver the development. The firm is a leading investor in growth markets across Africa, Asia and Latin America. Actis was formed in 2004 following a restructuring of CDC designed to bring more equity capital into developing countries and the two organisations have a shared history. |
Kenya | Africa, East Africa | Construction and real estate | December 2011 | Active |
|
Twin Lakes Mall
Twin Lakes Mall is a greenfield development of a regional shopping mall along the Lekki-Epe Expressway in Eastern Lagos. The area is considered to be one of the fastest growing residential/commercial areas in Lagos and benefits from recently improved road infrastructure. |
Nigeria | Africa, West Africa | Construction and real estate | July 2015 | Active |
| Garden City Business Park | July 2015 | Active | |||
|
Douala Retail
Douala Retail will be a retail led, mixed-use development in the airport area of Douala. |
Cameroon | Africa, Central Africa | Construction and real estate | December 2015 | Active |
|
Project Arrow
This is a proposed land development in Nigeria. |
Nigeria | Africa, West Africa | Construction and real estate | February 2017 | Active |
| ImpAct | Africa | Construction and real estate | September 2017 | Active | |
| Itura | August 2018 | Active | |||
| Renaissance Plaza | December 2018 | Active | |||
| Prism | Active |
