Commenting on the transaction, Mr. Charles Adu Boahen, CEO of Primrose said: “This investment represents an important milestone in the evolution of Primrose, launched nearly a decade ago. AFIG Funds is an experienced institutional investor that brings not only capital to support our company’s continued growth, but also management support and international best practices that will enhance our ability to capitalize on attractive opportunities in the real estate market locally and in the sub-region”.
About AFIG Funds (www.afigfunds.com)
Advanced Finance & Investment Group (“AFIG Funds”) is an investment fund management company with USD 122 million under management and one of the premier fund managers dedicated to private equity investment in Africa. AFIG Funds has offices in Dakar, Washington D.C. and Johannesburg. Atlantic Coast Regional Fund LLC (“ACRF”), the maiden fund of AFIG Funds, is a regional fund focused on 29 countries in West and Central Africa. ACRF considers investments in all sectors, and targets strong growth companies, preferably with a regional scope, in its target region.
About Primrose Properties Ghana (www.primroseproperties.net)
Primrose Properties Ghana Limited (“PPG”) is a real estate development company with core competence in the construction of high quality residential and commercial developments. PPG strives to be the premium real estate company in Ghana and in the wider sub-region with a focus on developing property through delivering exceptional architecture, energy efficient and timeless structures. PPG’s maiden project was the development of Primrose Place, a multi-story luxury residential complex located in Ghana’s capital city of Accra. Primrose Place is cited as one of the top luxury residential developments in the city.