FirstRand unit to develop west African property

The property unit of FirstRand’s investment banking arm had raised $250 million (R2.1 billion) to develop real estate in west Africa, it said yesterday. The money would be used to supply the “strong demand for high-grade retail and commercial property”, RMB Westport said in a statement. Nigeria, Ghana and Angola had been “earmarked as key jurisdictions in which to develop retail and commercial property”. An increasing proportion of Africa’s population is moving into urban areas as economic growth quickens. “Over the past decade, African economic output has more than tripled, which is one of the reasons we think that Africa holds the greatest overall investment potential for markets globally,” RMB Westport director Michael O’Malley said. FirstRand stock rose 1.07 percent to R28.30 yesterday. – Bloomberg