Firstrand Bank, South Africa, Raises N50bn For REDF In Nigeria

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South African bank, FirstRand Bank Ltd said the property unit of its investment banking arm has raised $203 million (about N50billion) for its Real Estate Development Fund (REDF) and for developing real estate assets in Nigeria and other West African countries.
Speaking on the development, Director of RMB Westport, Michael O’Malley, said: “We believe in the African growth story. Over the past decade‚ African economic output has more than tripled‚ which is one of the many reasons we think that Africa today holds the greatest overall investment potential for all frontier markets globally.”
According to a report, an increasing proportion of Africa’s population is moving into urban areas as economic growth quickens, with houses and malls being built in major cities including Accra, Abuja and Luanda, the capitals of Ghana, Nigeria and Angola respectively.

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