Eris and MAREF: building an African Commercial Property Portfolio
Eris Property Group, a fully integrated commercial property development and services group operating in the South African and sub-Saharan African markets, has completed two state-of-the-art new developments in Ghana, an attractive African market given its growing economy and stable government.
The SU Tower and 335 Place are both striking commercial developments within Accra and are quickly attracting top tenants. These includes the likes of MODEC, global supplier and operator of offshore platforms for the oil and gas industry, and Deloitte, the multinational professional services network and one of the "big four" accounting firms. MODEC will be taking occupation at 335 Place, North Dzorwulu in August 2020, having leased 2,526sqm of space, while Deloitte will occupy 630sqm in SU Tower, Ridge from July 2020.
Both companies have selected the Eris properties as their base because of the ideal location and proximity to their existing premises, as well as the functionality of the buildings, which offer high-spec facilities ranging from elevators to generators, health and safety measures (such as firefighting equipment), 24-hour security and Building Management Systems. They also meet parking requirements for employees and visitors, offer competitive pricing, and come backed with Eris technical support and a dedicated management team. The SU Tower offers 11, 989 square metres of modern but sustainable office space. Prized for its superior access, prestigious corporate address and excellent proximity to amenities, it is strategically located at the intersection of the Kanda Highway and the Castle Road within the Ridge enclave of Accra. It offers convenient access to the Ridge Hospital, Bank of Ghana, Ghana Stock Exchange, Movenpick Ambassador Hotel, major financial institutions, the central business district, and the OSU retail offering of shopping centres and eateries.
335 Place is the first of its kind within the Accra Metropolis - a premier green-rated commercial office building smartly integrated with structured parking. The 12-level development is located along the Accra-Tema Motorway, with a leasable space of 9,985 square metres and a parking allocation of 385 bays. Situated in Accra's oil, gas and mining hub, 335 Place is in close proximity to the Kotoka International Airport, a host of hotels, Accra Mall, excellent residential facilities, and community schools and clinics Its strategic location offers multiple entry and exit points, giving direct access to the Tema Metropolis and the manufacturing, logistic and warehousing industries.
"It's gratifying to already have blue-chip tenants taking occupation in these two Grade A office buildings and to have the developments recognised as new icons on the Accra landscape," says Enoch Entsua-Mensah, CEO at Eris Properties Ghana Limited. "We're enormously proud of both developments, which showcase the capabilities Eris has in African markets, throughout the commercial property value chain. Eris is the leading real estate service provider in Ghana, with a well packaged development offering. Our turnkey approach appeals to a lot of clients. Our two new developments have built market confidence in what we can do. Clients are eager to see other projects from us, and we look forward to delivering them."
Momentum Africa Real Estate Fund success stories
Both Ghanaian buildings have been developed through the Momentum Africa Real Estate Fund (MAREF), an African commercial real estate development joint venture between Momentum Global Investment Management in London and Eris Property Group.
Entsua-Mensah explains that Eris is the fund advisor to the $170 Million MAREF fund and believes that investing in the development of commercial real estate is an exciting way for investors to support and participate in the rise of the African consumer. "MAREF is aimed at long-term institutional investors as a capital growth offering and our focus is on eight African countries that have shown consistent economic growth in excess of 5% for the past years," he says. "MAREF finances and builds Grade A office blocks, warehouses and shopping malls in sub-Saharan Africa, and The SU Tower and 335 Place are perfect examples of how the Fund leverages Eris's expertise. After all, Eris has worked in Africa for three decades. We've completed 124 projects at a value exceeding $2bn."
Nana Aba Derby, Development Manager at Eris Properties Ghana Limited, says that the projects have attracted interest not just from investors and tenants, but also from industry bodies. "Eris Property Group recently received the Best Commercial Development award for the SU Tower at the Africa Property Investment Awards," she says. "The SU Tower and 335 Place were both delivered on time and under budget and have been highlighted as examples of the African property industry's competitiveness at a global level. Eris has a competitive offering across pricing, technical and material support. We have an open and a friendly approach in relating to our clients and ride on the success and technical support of our parent company, which gives us a broader array of experience."
The success of The SU Tower and 335 Place are also indicative of Eris and MAREF's ability to identify and invest in premium real estate development projects that contribute to the growth of the sector, provide unrivalled services to customers and align with the highest international standards to optimise the returns of the shareholders, tenants and investors alike.
For more information or enquiries, visit the webpage https://www.erisghana.com/
