HFC to invest in properties nationwide

The Home Finance Company (NFC), under its Real Investment Trust (HFC-REIT), is to invest in the development of real estate throughout the country.

The HFC-REIT, which is expected to take off in July will involve the acquisition of serviced land, rental accomodation and profitable real estate project. These were announced by the manager of HFC, Mrs Stephenie Baeta-Ansah, at the Annual General Meeting of the HFC Unit Trust in Accra on Tuesday.

She said the company had made progress in the arrangement of a scheme witht he Social Security and National Insurance Trust (SSNIT), the ghana Real Estate Developers Association (GREDA) and the Bank for Housing and Construction (BHC) to ensure the success of the programme. Mrs Baeta-Ansah said aside the provision of houses for people, the company would also extend its activities in the aquisition of commercial stores for rental to organizations both in the formal and non-formal sectors of the economy.

She announced that the Unit Trust had mobilized a total of C2.9 billion this year, taking funds face value up from its 1993 value of C1.3 billion showing an increase of 157 per cent. Mrs. Baeta-Ansah explained that the enabling factors for the increase in the equity portolio included the unit listings on the Ghana Stock Exchange and the government's divestiture programme.

She said the HFC Unit Trust Fund at the end of last year, was valued C3.4 billion with a total membership of 1,536 unit holders co-operation, the Trust would make further progress..

She announced that discussions were being initiated with the Building Society and the Truest with a view to restructuring and recapitalizing it into a corporate entity capable of offering services that could serve personal a banking needs.