Primrose Properties Ghana raises follow-on investment from AFIG Funds

Primrose Properties Ghana Ltd. (“PPG”) is pleased to announce that it has received a follow-on investment from the Atlantic Coast Regional Fund (“ACRF”), managed by Advanced Finance and Investment Group (“AFIG Funds”). The investment is being used to fund the development of a middle-income housing community (“Project”) in Sakumono, Accra.

Commenting on the transaction, Mr. Eric Appiah, Managing Partner of Black Star Advisors, the management company of PPG, said: “We are pleased for the renewed vote of confidence from our partners at AFIG Funds. This follow-on investment helps to fulfil a key strategic priority for PPG to expand access to quality and affordable housing in Ghana, while preparing for scale in this market segment. With Ghana’s housing deficit estimated at nearly 2 million units, PPG’s expansion into the affordable housing segment could not be more timely.”

Mr. Patrice Backer, Chief Investment Officer of AFIG Funds said: “The follow-on investment was accelerated by the solid performance of ACRF’s initial investment in PPG’s nearly completed Rhombus, a six-storey Grade A commercial office and ultra-modern residential project located in Kanda, Accra. The follow-on investment will help PPG consolidate its operations as well as improve corporate governance standards.”

The Project comprises the construction of over 160 modern apartments and townhouses, targeting Ghana’s growing middle class, in partnership with the Ghana Cement Company, the leading manufacturer and supplier of cement in Ghana.

Primrose Properties Ghana Limited (“PPG”) is a real estate development company with core competence in the construction of high quality residential and commercial developments. PPG strives to be the premium real estate company in Ghana and in the wider sub-region with a focus on developing property through delivering exceptional architecture, energy efficient and timeless structures. PPG’s maiden project was the development of Primrose Place, a multi-story luxury residential complex located in Ghana’s capital city of Accra. Primrose Place is cited as one of the top luxury residential developments in the city. PPG’s second major project is the Rhombus, a mixed office and residential complex in Kanda, Accra.

About AFIG Funds

Advanced Finance & Investment Group (“AFIG Funds”) is a private equity fund management company founded in 2005 and headquartered in Dakar, Senegal. AFIG Funds focuses on making growth equity investments in high-growth potential companies across a range of industries in sub-Saharan Africa – particularly West, Central and East Africa. AFIG Funds manages two private equity funds: the Atlantic Coast Regional Fund, a USD 122 million growth equity fund launched in 2008; and AFIG Fund II, which targets to raise USD 250 million in commitments.

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