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Africa’s REIT market comprises 49 operational REITs with an estimated market value of $30 billion and listed market capitalisation of about $21 billion, according to the Africa Real Estate Investment Trust Report by Fortren & Company.
The market remains heavily concentrated in South Africa, which accounts for more than $27 billion, or about 92%, of the continent’s total REIT market value. Morocco follows with about $700 million, while Kenya and Zimbabwe have markets valued at about $250 million and $130 million respectively.
Nigeria’s five REITs have a combined market capitalisation of $230 million, placing the country below South Africa, Morocco and Kenya, as REIT markets across the continent continue to vary significantly in size and structure.
Here are the largest REIT vehicles across Africa’s nine REIT markets.
9. Watumishi Housing (Tanzania)
Watumishi Housing is a Tanzanian real estate investment trust focused on residential property and has a market value of $30 million, according to the Fortren & Company report.
Watumishi Housing Investment (WHI) operates as a fund manager primarily managing the Public Servant Housing Scheme through Real Estate Investment Trusts (REITs). Its REIT activities form part of its investment services.
The fund manager’s focus is on residential property, unlike the predominantly commercial property exposure seen across several of the other REIT markets covered in the report.
Arch. Sephania Solomon is the Acting Chief Executive Officer of Watumishi Housing. With a market value of $30 million, Watumishi Housing is identified as the largest REIT vehicle in Tanzania.
8. Rangoon Real Estate Investment Trust (Ghana)
Rangoon Real Estate Investment Trust (REIT) is a Ghanaian REIT established to invest directly and indirectly in income-generating real estate assets, primarily for commercial use.
The vehicle is focused on Grade A office properties, with its portfolio centred on income-generating commercial real estate. Its investment structure targets rental income and long-term growth in the value of its underlying properties.
Rangoon REIT is unlisted, according to the Fortren & Company report, unlike listed REITs traded on stock exchanges in several of the other markets covered.
The REIT has a market value of $40 million, making it the largest REIT vehicle in Ghana, according to the report.
7. REIZ (Zambia)
REIZ-REIT is a listed real estate investment trust in Zambia, with its properties concentrated mainly in the retail and office segments. The REIT is listed on the Lusaka Securities Exchange (LuSE).
Its portfolio comprises 56% retail commercial properties, 43% office commercial properties and 1% residential properties. The retail portfolio includes shopping centres and retail spaces, while the office portfolio comprises commercial office properties.
Retail and office properties therefore account for 99% of the REIT’s portfolio, with residential properties making up the remaining 1%.
Mr. Kambewu A. Banda is the Chief Executive Officer of REIZ. The REIT has a market capitalisation of $80 million, making it the largest REIT vehicle in Zambia.
6. Chapel Hill Denham Nigeria Real Estate Investment Trust (Nigeria)
The Chapel Hill Denham Nigeria Real Estate Investment Trust (NREIT) is a Shariah-compliant, closed-ended fund domiciled in Nigeria and denominated in naira. It focuses on income-producing commercial real estate across the office, retail and industrial sectors.
NREIT is managed by Chapel Hill Denham Management, an investment firm with interests across infrastructure, real estate, SMEs, digital and financial inclusion, healthcare, education and other sectors. Its real estate activities also include student and affordable housing.
Within the REIT, the investment focus is on commercial properties in Nigeria. Edem Lassey is the Director of Nigeria Real Estate Investment Trust at Chapel Hill Denham.
Bolaji Balogun is the Chief Executive Officer of Chapel Hill Denham. NREIT has a market capitalisation of $110 million, making it the largest REIT vehicle in Nigeria.
5. Acorn (Kenya)
Acorn is a Kenyan real estate investment and management firm whose REIT business is focused on purpose-built student accommodation (PBSA). Its investment management activities include REIT management, acquisitions and disposals, investment appraisal, capital raising, investor relations and reporting.
The company’s REIT platform comprises two vehicles launched in February 2021: the Acorn Student Accommodation Development REIT (ASA D-REIT) and the Acorn Student Accommodation Income REIT (ASA I-REIT).
The ASA D-REIT develops student accommodation from land acquisition through construction and initial marketing, while the ASA I-REIT acquires completed and stabilised properties and holds them as long-term income-generating assets. Acorn currently has 11 projects under the D-REIT and seven operating properties under the I-REIT.
Edward Kirathe, Acorn’s founder and CEO, leads the company, while Acorn Investment Management Limited undertakes the investment management function. Acorn has a market value of $130 million, making it the largest REIT vehicle in Kenya, according to the report.
4. Tigere Property Fund (Zimbabwe)
Tigere Property Fund, also known as Tigere REIT, is a Zimbabwean REIT focused on income-generating commercial property. Its portfolio comprises retail properties in strategic locations with a diversified tenant mix.
The fund’s investment strategy is focused on income-generating retail and commercial property assets.
Tigere Property Fund is managed by Terrace Africa Asset Management, with Brett Abrahamse serving as CEO of Tigere REIT.
Tigere has a market capitalisation of $130 million, making it the largest REIT vehicle in Zimbabwe, according to the Fortren & Company report.
3. Bonyan (Egypt)
Bonyan is an Egyptian real estate investment firm focused on acquiring and managing income-generating commercial, logistics and retail properties. Its portfolio currently comprises 10 commercial real estate assets across East and West Cairo.
The company focuses on operational properties that generate rental income, with its portfolio including Grade A commercial assets in prime locations occupied by multinational tenants. Its investment focus covers rental income and asset appreciation.
Bonyan provides real estate investment exposure to institutional and individual investors through its property portfolio, with its assets managed by an in-house team of real estate professionals.
Tarek Abdel Rahman has served as Bonyan’s Chief Executive Officer since 2018 and is also an Executive Board Member. The company has a market capitalisation of $160 million, making it the largest REIT vehicle in Egypt.
2. Aradei Capital (Morocco)
Aradei Capital is a Moroccan commercial real estate platform with a portfolio of 35 assets covering 506,000 square metres of gross leasable area across 23 cities in Morocco, as of December 31, 2025.
The company has exposure to retail, healthcare, industrial and office properties, giving it a portfolio across several segments of Morocco’s commercial real estate market.
Aradei Capital emerged from a real estate spinoff by Label’Vie, Carrefour’s exclusive franchisee in Morocco, and is listed on the Casablanca Stock Exchange. The company is advised by REIM Partners.
Nasser Benjelloun is the Directeur Général of Aradei Capital. The company has a market capitalisation of $580 million, making it the largest REIT vehicle in Morocco.
1. Growthpoint (South Africa)
Growthpoint is a South African primary-listed REIT and international property company with a diversified portfolio of more than 500 properties.
The company has exposure across retail, office and industrial properties, covering major segments of the commercial property market.
Norbert Sasse is the Group CEO of Growthpoint Properties and oversees the company’s operations across its property portfolio and international markets.
Growthpoint has a market capitalisation of $3.39 billion, making it the largest REIT vehicle in South Africa, according to the Fortren & Company report.
