Old Mutual Investment Group is looking to invest R250m-R500m acquiring properties in east and West Africa.
This is part of the group’s plans to spread its asset management
capability beyond SA to key growth markets in the rest of Africa.
It also comes as the company has ambitions to grow its assets under management to R100bn in the next five years.
Old Mutual Investment Group CEO Diane Radley said the plan was to
leverage off the African footprint of parent Old Mutual. “We are looking
at east and west Africa. This is a first for our property fund outside
SA. It will predominantly target commercial properties.”
Radley said Old Mutual Investment Group had opportunities in Kenya
and Nigeria. The plan is not to develop properties in the rest of
Africa, but to acquire existing assets.
The group has over the past years allocated R5bn for the rest of
Africa. It has successfully invested in insurance assets in west and
east Africa.
Radley has previously said that it makes sense for Old Mutual
Investment to build a business aligned with the Old Mutual Life
operations in the rest of Africa.
She said the firm was also targeting the agricultural space. The
agricultural investments have been made through Future growth, an asset
management affiliate of Old Mutual.
“The other area we have been actively investing in is South African
as well as African agricultural funds through Future growth. The story
around agriculture is a very compelling one and we do believe
agriculture has a very massive investment opportunity,” Radley said. “We
are looking to raise almost R3bn just in agricultural funds in the next
two to three years.”
She said the capital would be raised from third party investors locally and internationally.
Ms Radley said Old Mutual Investment Group had invested R22bn in
infrastructure across the country, about R13bn in impact funds and R20bn
in private equity.
“By 2020 we would like to have more than R100bn invested in the African continent.”
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