PRESS RELEASE Accra/ Dakar/ Port Louis, April 23, 2015
Advanced Finance and Investment Group (“AFIG Funds”), manager of the Atlantic Coast Regional Fund (“ACRF”) is pleased to announce that it has completed an investment in Primrose Properties Ghana (“PPG”), a leading 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 ACRF investment will allow PPG to fund an attractive pipeline of development projects, including the completion of its latest project, an ultramodern mixed-use (commercial, office, and residential) complex in Kanda, Accra.
Commenting on the transaction, Mr. Charles Adu Boahen, CEO of Primrose said: “This investment represents an important milestone in the evolution of Primrose, launched nearly a decade ago. AFIG Funds is an experienced institutional investor that brings not only capital to support our company’s continued growth, but also management support and international best practices that will enhance our ability to capitalize on attractive opportunities in the real estate market locally and in the sub-region”.
Speaking on behalf of ACRF, Mr. Papa Madiaw Ndiaye, CEO of AFIG Funds, said: “We are pleased to partner with Primrose Properties Ghana. Under the leadership of Mr. Boahen, Primrose has become a leading developer in Ghana. The ACRF investment reflects our confidence in the long-term potential of Ghana, despite recent challenges. It also illustrates AFIG Funds’ strategy to identify and partner with local entrepreneurs who have demonstrated remarkable strategic and operational capabilities. We look forward to supporting Primrose during its next growth phase.”
About AFIG Funds (www.afigfunds.com)
Advanced Finance & Investment Group (“AFIG Funds”) is an investment fund management company with USD 122 million under management and one of the premier fund managers dedicated to private equity investment in Africa. AFIG Funds has offices in Dakar, Washington D.C. and Johannesburg. Atlantic Coast Regional Fund LLC (“ACRF”), the maiden fund of AFIG Funds, is a regional fund focused on 29 countries in West and Central Africa. ACRF considers investments in all sectors, and targets strong growth companies, preferably with a regional scope, in its target region.