Lango Concludes c.US$200 Million Africa Real Estate Acquisition from Hyprop and Attacq

In one of the largest real estate transactions in Africa over the past year, Lango Real Estate Limited has agreed to acquire the Africa (ex-South Africa) retail real estate portfolio owned by JSE-listed REITs Hyprop Investments Limited and Attacq Limited.

Lango, a leading real estate company focused on prime commercial assets in key gateway cities across Africa, has secured a portfolio of four shopping malls located in Accra, Ghana and Lagos, Nigeria, valued at over US$200 million.

Assets Acquired:

• Accra Mall, Ghana's iconic retail destination.
• Kumasi City Mall and West Hills Mall in Ghana.
• Ikeja City Mall in Lagos, Nigeria, one of the most successful retail assets in the country.

The acquisition was structured through an issue of Lango shares to the vendors, alongside debt financing led by RMB.

Launched in 2018, Lango was established by Growthpoint Properties Limited (South Africa's largest primary JSE-listed REIT) and Ninety One (LSE- and JSE-listed global investment manager). Growthpoint holds a c.20% shareholding in Lango, alongside other South African and international institutional investors.

Lango's Expanding Footprint

Lango has built a reputation for successful transactions, including the acquisition of the RMB Westport property portfolio, the largest portfolio acquisition on the continent (excluding South Africa). The company focuses on income-generating office, industrial, and retail assets across Ghana, Zambia, Nigeria, and Angola.

The portfolio includes high-quality properties like:

• Standard Bank Head Office and Standard Chartered Head Office in Ghana.
• Manda Hill Shopping Centre in Zambia.
• The Wings office complex in Lagos, Nigeria.

Strategic Importance

Thomas Reilly, CEO of Lango, commented:"This transaction is a significant milestone for Lango and fits squarely into our growth strategy. The scale achieved positions Lango as a leading Sub-Saharan African firm with c.US$875 million of assets under management across four countries. These assets allow Lango to extract synergies and enhance growth with resilience to market cycles."

Reilly added:"We are excited to add quality yielding assets at competitive prices, which offer strong growth prospects. We expect this momentum to deliver sustainable long-term investor returns."

Statements from Key Partners

• Morne Wilken, CEO of Hyprop, stated:"The successful implementation of this transaction is key to completing Hyprop’s exit from Sub-Saharan Africa, and we look forward to working with Lango to finalise the process."

• Jackie van Niekerk, CEO of Attacq, said:"Our Rest of Africa investment has become a small component of Attacq's portfolio, and this transaction is part of our exit strategy. We are pleased to have reached an agreement with a credible partner in Lango."

Future Outlook

Reilly concluded:"The growth and scale that Lango has achieved, supported by our partners, enhances our position as a dominant player in the African real estate market. This transaction creates a platform for future growth as we head towards a listing on the LSE."

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