Accra Mall and West Hills Mall, two of Ghana’s top retail hubs, are set to change ownership in a whopping $200 million real estate shake-up led by Lango Real Estate. The deal also includes Kumasi City Mall in Ghana and Ikeja City Mall in Nigeria, making it one of the biggest property acquisitions in recent years.
Lango Real Estate, a powerhouse in African commercial properties, is financing the deal with a mix of shares and debt, with RMB acting as the lead arranger. Founded in 2018, Lango has quickly become a major player, backed by South Africa’s largest Reit, Growthpoint Properties, and global investment manager Ninety-One. This latest acquisition further cements Lango’s dominance, adding prime shopping destinations to its growing portfolio.
Lango’s CEO, Thomas Reilly, hailed the deal as a game-changer, saying, “This transaction is a pivotal moment for Lango. It not only aligns perfectly with our growth strategy but is also highly beneficial.” With this move, Lango’s assets across Ghana, Zambia, Nigeria, and Angola will soar to around $875 million, including prestigious properties like Stanbic and Standard Chartered head offices in Ghana and The Wings office complex in Lagos.
On the other side of the deal, Hyprop CEO Morne Wilken confirmed that this sale marks the company’s exit from the sub-Saharan African market, saying, “This transaction fulfills one of our last remaining strategic goals.”
As the ink dries on this monumental transaction, shoppers in Ghana and Nigeria may soon see new management at their favorite malls.
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