Novare Equity Partners opens its second urban real estate investment leg, Novare Africa Poperty Fund II, with $250 million focusing on African countries, specifically Nigeria - where it operates.
The new fund follows after the first three years ago where it has been a success, but didn't come without difficulties.
Jan van Zyl, Head of Property Development at Novare Equity Partners, explains the key to growth "Persistence and the need to make a long-term commitment, both financially and to your people in the country, are important attributes for success."
"Persistence and the need to make a long-term commitment, both financially and to your people in the country, are important attributes for success," van Zyl said in a statement.
He continued to explain the difficulties with the power supply as problematic and ambiguity in the rules and regulations in Nigeria as 'cumbersome'. He also mentioned the shortage of management skills in the country; however, van Zyl sees the economic opportunity that offsets all the difficulties.
"...the factors that make Nigeria worth this sort of trouble include the size of its $432 billion economy that is expanding by around 7% a year, its fast-growing middle class and a continuous inflow of foreign exchange from oil and gas exports," van Zyl said in a statement.
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