Actis West Africa real estate fund reaches first close

Actis has recently concluded a first close of its real estate fund, Actis West Africa REIF LP (NREIF) at $45 million.

Anchor investors in the first close included Stanbic IBTC Pensions Managers, FCMB Pensions Limited and Pensions Alliance Limited.

The fund will invest in market leading, stabilised real estate assets across West Africa, with a special emphasis on Nigeria. NREIF will acquire and manage real estate assets across a range of sectors, including retail, office, industrial, education and healthcare.

NREIF is the fourth vintage of Africa focused real estate funds managed by Actis. Actis has invested in the sector since 2004. Funke Okubadejo leads Actis’ pan-African income fund team, while Tolu Sokenu serves as the fund manager for NREIF.

Actis and NREIF are advised by Simmons & Simmons and Udo Udoma & Belo-Osagie.

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