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Business News Tue, 2 Aug 2016

New project to change Accra’s landscape underway

The Chief Executive Officer of the Forewin Group, Mr Ghassan Yared, has said the company is set to add to the changing landscape in Accra with its largest mixed-use development project dubbed: “The Exchange”.

The over $150 million project, under construction, which covers an area of 60,000 square metres, according to him, would have sustainable designs for the future, in line with international standards.

He said the project was strategically positioned near the Kotoka International Airport, with an international standard development being green certified, adding to the landscape of the capital city.

Mr Yared said the project would be a place for pleasure and business, with a four-star business hotel in proximity to the airport as well as adequate space for banqueting and conferences.

“The Exchange,” which is being sponsored by Mabani Holdings and Actis LLP, will also have a large shopping area, high street shopping mall to be stocked with big international brands, a top supermarket inside the mall and private residences.

A partner for Actis LLP in charge of real estate division, West Africa, Ms Amanda Jean-Baptiste, noted that Mabani Holdings and Actis LLP formed a joint venture three years ago, a move which is finally resulting in “The Exchange” project.

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She noted that Actis LLP was one of the leading private equity funds in the market today in Africa and Asia, with a strong presence in Africa.

According to her, Actis LLP had already invested $3.5 million on the continent.

“Actis LLP brought alive the Accra Mall and most recently completed one square, which is one of the grade ‘A’ office developments in Airport City, next to Holiday Inn. The exchange project will be the single largest development across Accra which brings in new hotel groupings and retailers to Ghana,” Ms Jean-Baptiste said.

She added that Actis LLP was taking a very long-term view of Ghana, with the current investment being a reflection of its objective.

More than a 1,000 to 2,000 jobs are set to be created during the construction stage.

Source: Graphic.com.gh
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