Trends Shifting Real Estate Capital Flows in Sub-Saharan Africa

The first London GRI Africa club meeting entitled Trends shifting real estate capital flows in Sub-Saharan Africa took place on the 25th of April at 116 Pall Mall.

The discussion, introduced by Kunle Barry Osilaja of Ecobank, focused on the current situation in terms of global interest, how Africa compares to other emerging markets and the impact of regulatory and policy changes and obstacles preventing flows of foreign capital into Africa.

African members expanded upon their views, and lively debate ensued with all club members:

Reduction of capital flows, but Africa a long term game
Members agreed that international investment has slowed and flows from South Africa into Africa have reduced as the attention has turned to Eastern Europe. A member said that Africa is a long term game and that Ghana and Zambia are examples of markets that are picking up again.

Shallow liquidity, but deepening
It was pointed out that there is currently a lack of liquidity in the African market and that it was hard to see a secondary market. However, a member pointed out that liquidity in the exit market was deepening.

Local institutions growing
Consensus was reached that there is a big need for capital from local institutions in Africa in order to avoid the current reliance on foreign investment. Investment from local institutions like pension funds, insurance companies and REITS is increasing and that the market would witness big changes to this in the next 10-15 years. Another member stated that once you start producing A grade assets pension funds would jump all over them.

A lack of occupiers in the retail market
It was argued that there isn’t a depth of occupiers in Africa to fill shopping malls, which is dislodging retail real estate development on the continent. While there is still a shortage of organised retail, some members believe that there is a need to go back to basics and strip malls would be the best option in a number of African countries.

Among the participants were:
David Lashbrook (Head of Real Estate, Momentum) Christine Glover (Head Development Impact Funds, Old Mutual), Mauro Martins (CEO, Darwin Investment Management), Jane Jenkinson (Senior Industry Specialist, IFC), David Spiez (Executive Director Real Estate, Standard Chartered Bank).

About GRI Club

Attendance is reserved exclusively for GRI Club Members.

If you are already a Member, contact your Club Director or email Neall to participate.

Membership is available to senior investors, lenders and developers in real estate. Non-members can enquire here to become a member and join the club meeting.

Advisory Board
Adeniyi FaladeAdeniyi FaladeCEOCrusader Sterling Pensions
Britt GwinnerBritt GwinnerHead of Housing FinanceIFC Sub-Saharan Africa
Colin MuketeColin MuketeChairman & CEOCaisse Properties Group
Martin BachmannMartin BachmannGroup Head Active ManagementQuantum Global Group
Nick LangfordNick LangfordCountry Head - KenyaRendeavour
Peter LevettPeter LevettManaging DirectorOld Mutual Property
Ronald Chagoury JrRonald Chagoury JrVice ChairmanSouth Energyx Nigeria Limited
Uzo OshogweUzo OshogweCEO/MDAfriland Properties Plc.
Jonathan JacksonJonathan JacksonChairmanLordship Africa
Kunle Barry OsilajaKunle Barry OsilajaGroup Head of Real EstateEcobank Capital
Adeniyi Falade
Mr. Adeniyi Falade is a chartered accountant and an investment Banker. He had his professional accountancy training at PwC, Lagos. Before his appointment as Managing Director, he had served as the MD of Lead Capital and Head of Investment Banking of Ecobank Nigeria and Lead Bank. He had also at various times served as Head of Internal Control/ Chief Inspector and Head of Risk Management Department of Lead Bank. He holds a MBA from the University of Warwick, United Kingdom and a BSc degree, Chemistry from the University of Ibadan. He was appointed onto the Board of CrusaderSterling on Feb 7, 2007 as MD/ CEO of the Company. He also serves as a non-Executive Director on the Board of Custodian Life Assurance and Interstate Securities limited.
Britt Gwinner
Head of Housing Finance
IFC Sub-Saharan Africa
Nairobi | Kenya

Britt Gwinner is Head of Housing Finance for IFC’s Financial Institutions Group. Prior to joining IFC, Britt led engagements on housing policy for the World Bank, in Latin America, Eastern Europe, and Central and East Asia. Also at the World Bank, he led projects on stress test and asset-liability modeling for the World Bank’s own balance sheet. Before the World Bank, Britt participated in the development of risk-based capital models and capital requirements for U.S. housing finance institutions, and he worked in financial consulting for Fortune 500 companies. Britt holds an MBA in Finance and a Master’s in Public Policy from the University of Chicago, and a bachelor’s degree from George Washington University.

Colin Mukete
Chairman & CEO
Caisse Properties Group
Yaoundé | CAMEROON

Mr. Colin Mukete serves as the Chairman & CEO of Caisse Properties Group. Mr. Mukete is a Cameroonian businessman with broad business interests in telecommunications, TV broadcasting, agri-business, property development, construction and asset management. He serves as serves as the Chairman of the board of directors of MTN Cameroon and has been a Member of the Advisory Board at International Mining & Infrastructure Corporation plc since March 2015.

Martin Bachmann
Group Head Active Management
Zug | Switzerland

Martin has a proven track record in driving business results and establishing new businesses, serving and advising public and private clients in the Infrastructure, Industry, Energy, Real Estate and Mining sector. Prior to joining Quantum Global, Martin was a Member of the Executive Board and Global Head Urban Business Group at Pöyry PLC in Finland.

Nick Langford
Country Head - Kenya
Nairobi | KENYA

Nick is a Chartered General Practise Surveyor with 25 years’ experience of managing real estate development in the emerging markets of Eastern Europe, Africa and Asia. Prior to moving to Kenya, Nick lived in Ghana as country head for Rendeavour responsible for delivery of their Appolonia City project. Before this Nick was responsible for the leasing of Avia Park, Moscow, Europe’s largest shopping and Entertainment Centre ; and prior to this delivered the Masterplan of Green Tech City, Hanoi.

Peter Levett
Managing Director
Old Mutual Property
Segment: Property Investor

Peter has been in investments for 24 years containing SA and International experience. Of these 17 years is with Old Mutual in South Africa and 5 years with Goldman Sachs investment banking in London. During his time at Old Mutual, Peter has had the roles of Head of Old Mutual’s Corporate Finance division, COO of the Old Mutual Investment Group and currently MD of Old Mutual Property since 2011. Peter has been a director of Old Mutual Property since 2000 and joined the property investment committee in 2004. Peter is responsible for the property investment & business strategy, with property assets of R18bn. He also participates in the investment strategy & is involved in selected investment committees with the Old Mutual Investment Group.

Ronald Chagoury Jr
Vice Chairman

Ronald is the Vice Chairman of South Energyx Nigeria Limited, the developers and city planners of Eko Atlantic. He has been actively involved in Eko Atlantic since the start of land reclamation in 2008. He is a driving force behind some of the city’s key developments including the Marina District of Eko Atlantic, an international hospital, international school and luxury shopping centre. He is also responsible for directing the marketing and communications strategy. He supports group efforts to build strategic partnerships with developers and financiers aimed at creating SPVs for landmark developments within the project development area

Uzo Oshogwe
Uzo Oshogwe is the managing director of Afriland Properties Plc, and joined the company when it was still known as UBA Properties. She holds a BSc in Chemistry (1989) from Ambrose Alli University, Edo State and an MSc Information Systems Design (1996) from the University of Westminster, London. She has over 20 years’ working experience, mainly in Information Technology and Banking. Prior to joining UBA, she worked for over a decade as an IT Specialist at Accenture UK based at several clients’ sites, including Jones LaSalle Europe, a financial and professional services firm specializing in real estate services and investment management.
Jonathan Jackson
Nairobi | KENYA
Segment: Developers
Jonathan Jackson is the Chairman of Lordship Africa and has over 25 years of property development experience in Central & Eastern Europe (CCE) and Africa. Born and raised in Kenya, Jonathan qualified in the United Kingdom, and in 1989 founded Lordship, a Prague-based property development and investment company. In 2008, Jonathan returned home and founded Lordship Africa to replicate the hugely successful business he has run in Eastern Europe since its inception. Jonathan has developed over 6 million square feet of commercial, retail, hotel, and mixed use space and will soon break ground on two large commercial developments in Nairobi.
Kunle Barry Osilaja
Group Head of Real Estate
Ecobank Capital
Lagos | Nigeria

Responsible for leading and managing all Ecobank real estate Investment related business within the Ecobank footprint and Portfolio managing core select asset. With over 25 years’ experience in international Real Estate, Kunle was Chair of Lead Directors and Head of Debt & Structured Finance of Jones Lang LaSalle Corporate Finance. He has extensive experience in real estate advisory and has worked on a wide variety of real estate transactions including asset and corporate sales, structured loan financing, equity raisings and advisory for indirect investment vehicles, joint ventures, development/project financing and acquisition funding.



11.30 - 12.00 Registration

12.00 - 13.00 Discussion

13.00 - 14.00 Lunch (Members Only)



116 Pall Mall, St James's London SW1Y, United Kingdom
Related events
Privacy policy and how we use cookies
We use cookies to give you the best experience on our website.
By continuing we'll assume you're on board with our privacy police
Accept and hide this message