Commercial real estate development in Africa is now growing. The owners of these commercial real estate develop their own assets in key nodes. In other cases these key nodes are developed specifically for international companies. Gateway Real Estate Africa (GREA), has identified that need and established an opportunity for bespoke turnkey developments in Africa. The CEO of GREA, Greg Pearson has spoken about GREA’s Expansion in Nigeria and selected countries.
GREA has raised more than $200m in equity and debt to fund its expansion. The expansion will take place in Kenya, Nigeria, Ghana and Mauritius, CEO Greg Pearson told The Africa Report.
The starting amount will increase by the time the fundraising ends in early October, Pearson added. Data centers is one area to benefit from GREA’s raised fund money. Other investment sectors which shall benefit from the raised fund money are embassy, educational, healthcare and light industry properties.
Africa is in need of more data centers. Only a third of the continent’s 80 metropolitan areas with a population of more than one million have at least one built-for-purpose data center, according to the Africa Data Centers Association and Xalam Analytic.
The end goal for GREA’s Expansion in Nigeria and the other countries is as follows:
Kenya: East and Central Africa’s hub will be Kenya.
Nigeria: In addition to Kenya becoming a hub, Nigeria will have two new data centers Also Kenya and Ghana will have new data centers built. GREA’s partnership with Liquid Telecom will bring the two data centers into reality.
Mauritius: Lastly in Mauritius, GREA is building oncology units in partnership with Artemis, from India. GREA has plans of building oncology units in the other selected countries as well.