Mara Delta to invest $110m into Mozambique

The listed pan-African property firm plans to use the capital to acquire four properties and fund the second stage development of its Anadarko building.

Mara Delta, the largest pan-African property fund listed on the Johannesburg Stock Exchange, has announced plans to invest a further $110 million into Mozambique's fledgling real estate market.

The firm said that the capital will be used to acquire additional four properties, as well as to back the second stage development of its office block, the Anadarko building, in the capital city of Maputo. The firm said it is currently engaging with financiers for a 7-10 year Mozambique debt package to refinance the in-country debt and fund the acquisition pipeline.

Mara Delta's assets in Mozambique include commercial offices and the company recently bought into corporate accommodation as well as retail centers and warehousing.

Since 2014 Mara Delta has invested in six commercial properties in Mozambique, collectively valued at $160 million, including the office properties Hollard and Vodacom buildings, as well as its Anadarko development.

The economies of Mozambique, like Nigeria and many other natural resource-rich African countries have been impacted by the fall in oil and commodities prices. But, that has not had a significant effect on Mara Delta's investments, the firm said.

“We are confident of the long-term growth prospects in Mozambique. The challenges that the country faces are not unique to emerging economies and we are continuously engaging with the Banco de Moçambique on these matters,” Mara Delta's head of developments Greg Pearson said.

Mara Delta, which is dual listed in Johannesburg and Mauritius, has $430.6 million of assets under management and  holds a portfolio of assets across Morocco, Zambia, Nigeria, Kenya and Mauritius.