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Business News of Thursday, 28 July 2016

Source: Kofi Aduonum

Forewin and Actis LLP launch The Exchange programme in Accra

The Exchange project will cover an area of 60,000 square meters play videoThe Exchange project will cover an area of 60,000 square meters

Chief Executive Officer of the Forewin group has assured Ghanaians that the company is set to change the landscape of Accra with its largest mixed-use development project dubbed the “Exchange”.

The more than one hundred and fifty million dollar project, covering an area of 60,000 square meters, according to Ghassan Yared, has sustainable designs for the future, in line with international standards.

The unique multi-complex project, “The Exchange” which is under construction is Accra’s first in the most exclusive neighborhood.

It is strategically positioned near the Kotoka International airport, with an international standard development being green certified and adding up to the landscape of the capital city.

It will be a place for pleasure and business, with a 4 star business hotel in close proximity to the airport and adequate space for banqueting and conferences.

“The Exchange” will also have a large shopping area, high street shopping mall with big international brands, a top supermarket inside the mall and private residences.

The multi-complex project is being sponsored by Mabani Holdings and Actis LLP.

A partner for Actis LLP in-charge of real estate division, West Africa, Amanda Jean-Baptiste noted that Mabani Holdings and Actis LLP formed a joint venture three years ago, which is finally resulting in “The Exchange” project.

She noted that Actis LLP is one of the leading private equity funds in the market today in Africa and Asia, with a strong presence in Africa.

According to Amanda Jean-Baptiste, Actis LLP has already invested 3.5 billion dollars on the continent.

“Actis LLP brought live the Accra Mall and most recently completed one square which is one of the grade ‘A’ office developments in Airport city, next to Holiday Inn. The exchange project will be the single largest development across Accra which brings in new hotel groupings and retailers to Ghana”, Amanda Jean-Baptiste said.

Amanda Jean-Baptiste added that Actis LLP is taking a very long term view of Ghana, with the current investment being a reflection of it.

Chief Executive Officer of the Forewin group, Ghassan Yared stressed that the consultants for the project, Mabani Holdings is strategically positioned to ensure successful execution and completion of the project.

“The project is also set to benefit the Ghanaian economy immensely, with over 90 percent of the project to be subcontracted to local companies which is very important to bring in the value that is expected” Ghassan Yared added..

Over a 1000 to 2000 jobs he stated are set to be created during the construction stage.

The Exchange project is currently under construction by MSF from Portugal and will be completed in July 2018 with all funds adequately secured.

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