Listed Real Estate in Eastern Africa and Beyond: What Next?

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Two Rivers Development, Nairobi, Kenya

East African property markets have demonstrated desirable levels of resilience over the past few years. As African economies, including Angola, Nigeria, Zambia and Ghana have reeled from commodity price induced recessions, better diversified countries in the East African region, including Kenya, have demonstrated strength.

The region has seen investments from the major players, such as Actis through the Garden City project in Kenya; Sanlam Core Africa Real Estate Fund via Capital Properties in Tanzania; as well as Stanlib’s recent investment into Arena Mall in Uganda.

Without the presence of an active secondary market for commercial real estate assets across Sub-Saharan Africa (excluding South Africa) or an opportunity for investors to exit at their preferred terminal dates, it will be hard for such deal flow to continue. This challenge points to a major issue facing real estate markets in Sub-Saharan African (ex. SA): Liquidity.



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