- Global private equity firm Actis closes down branches in Nairobi and Cape Town, exploring alternative working solutions.
- The firm retains 17 physical branches worldwide, including Lagos, Johannesburg, Port Louis, and Cairo.
- Actis continues operations and projects in Kenya and South Africa through other branch locations, with no disruption expected.
Global private equity firm Actis has closed down two of its African branches located at Kenya’s Nairobi City, and South Africa’s Cape Town, as they are exploring alternative working solutions.
In an official advertisement made on Monday 22nd May 2023, the firm highlighted that it will not be extending its leases for the two branches.
This, therefore, leaves the investment firm with a total of 17 physical branches across the world, with four of them spread across Africa; Nigeria’s Lagos State, South Africa’s Johannesburg, Mauritius’ Port Louis, and Egypt’s Cairo City.
Actis has taken part in various Real Estate projects across the world such as Africa’s infrastructure, residential and retail sectors.
It is therefore worth noting that the firm is not exiting the two aforementioned markets as the individuals working in the respective cities, current activities, projects, and future investment opportunities will run normally, without being affected. Their operations will be run through the Lagos, Cairo, and Johannesburg branches. Below are sample investment projects by Actis in Africa;
Garden City, Kenya
Garden City is a 47-acre mixed-use development located along the Nairobi-Thika Superhighway. The project development commenced in 2011 with Garden City Mall as its flagship project. Currently, it comprises integrated developments mainly done by Shapoorji Pallonji Real Estate in conjunction with Actis, with a major emphasis on residential and commercial developments.
These projects include the Garden City Business Park, Garden City Residences, and Mi Vida Homes which is the latest completion. Ongoing projects include Amaiya and 237 Garden City, which are both residential developments.
The Junction Mall, Kenya
The Junction Mall is located in Nairobi’s Kilimani District, along Ngong Road. It was established in phases between 2002 and 2013; the first phase was completed in 2005 and the second phase in 2013, with BAA Limited as the architect and Actis as its developer. The shopping mall has a gross leasable area amounting to 24,053 SQM.
Ikeja City Mall, Nigeria
Ikeja City Mall is a Grade A shopping center located in Alausa, Lagos State. It was completed in 2011 with Actis as the developer, James Cubbit as the Architect, and Cappa and D’Alberto Plc as the main contractor. The shopping mall has a gross leasable area amounting to 22,000 SQM.
Heritage Place, Nigeria
Heritage Place is a grade A commercial office building located at Alfred Rewane Way, Ikoyi, Lagos, Nigeria. It was developed by Actis in 2016, with ECad as the Architect, ITB Nigeria as the Main Contractor, Tillyard Nigeria Limited as the Quantity Surveyor, and Capita as the MEP Engineer. The development spans over 14 floors, with 15,736 SQM of lettable office space.
Actis’ decision to review its office footprint is happening at a time when hybrid and remote work strategies have been playing a major role in shaping the commercial office market performance. Various firms have adopted the strategies as a measure to save on costs while enhancing flexibility in working environments, however the downside of this has been a stagnating or subprime occupancy rate in commercial buildings.
We love your feedback! Let us know what you think about Actis’ move by sending an email to insights@estateintel.com.
Subscribe to ei Pro to access affordable real estate data such as; sales rates, yields, supply drivers, and information on key real estate market participants who are active in the market.
Author: Linah Amondi
