A leading global investor in sustainable infrastructure, Actis, has recently concluded the first close of its real estate fund, Actis West Africa Real Estate Income Fund (NREIF), at $45 million.
According to a statement by the management of the firm, anchor investors in the first close include Stanbic IBTC Pension Managers, FCMB Pensions Limited and Pensions Alliance Limited (PAL).
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The fund will invest in market lending and stabilise real estate assets across West Africa with special emphasis on Nigeria.
Actis stressed that all assets in the portfolio would attain a minimum standard of IFC Edge certification, while NREIF would 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 fund managed by Actis, and 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.