Three major retail shopping malls operating in the country have now been taken-over by a South African real estate investment firm in a deal worth US$200 million.

The three malls are Accra Mall, West Hills Mall, and Kumasi City Mall.

According to a report by myjoyonline.com, the decision by the investment firm, known as Lango, forms part of its broader strategy to enter African markets with its retail business strategy.

In addition to purchasing the three malls in Ghana, the firm also has a portfolio of commercial real estate assets in Nigeria, Angola, and Zambia.

The Chief Executive Officer of the firm, Thomas Reilly, said the decision to acquire the three malls will position the group as a leading Sub-Saharan African firm in the retail business industry.

“This transaction is a significant milestone for Lango and not only fits squarely into our growth strategy but is also highly accretive. The scale achieved by Lango undoubtedly positions it as a leading Sub-Saharan African firm in the industry.

"Lango will now have US$875 million of assets under management across four countries, with arguably some of the best-performing landmark commercial properties across both the retail and office sectors in select growth cities. These assets are well-positioned to allow Lango to extract synergies and further enhance growth with a high degree of resilience to differing market cycles,” Thomas Reilly is quoted to have said.

Meanwhile, the latest development adds to the growing number of multinational companies that have either exited Ghana, are planning to exit, or have been taken over by other firms over concerns of profitability and the unfavourable investment climate in Ghana.

MA/ADG

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