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MAREF raises $170m

A joint venture between sister companies Momentum Global Investment Management in London and Eris Property Group in South Africa, the Momentum Africa Real Estate Fund (MAREF) held its final close on 28 February 2017, raising a total of $170m.
MAREF raises $170m
© Thananit Suntiviriyanon –

Momentum and Eris are both subsidiaries of Johannesburg-listed MMI Holdings Limited. Momentum is responsible for the fundraising, investor relations, fund management and operational oversight whilst Eris is responsible for the origination, development, management and exit of MAREF’s assets.

MAREF seeks to achieve an 18% net IRR for its investors by investing in a portfolio of commercial real estate developments (office blocks, shopping malls and warehouses) in sub-Sahara Africa outside of South Africa.

A total of eighteen investors committed to MAREF including pension funds, institutions and family offices.

Three projects

David Lashbrook, head of Africa Real Estate at Momentum Global Investment Management in London said, “We are extremely grateful to our investors for the support they have given for our maiden fund.”

23% of investor capital is currently committed to three projects which include an office block in Mauritius and two office blocks in Accra, Ghana.

Warren Schultze, CEO of Eris Property Group, said, “We are very pleased with the three commitments that we have made so far and we are particularly encouraged by MAREF’s swelling investment pipeline in Ghana, Mauritius and East Africa.”

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