African Land Investment , a newly incorporated income fund based in South Africa , is scouting Nairobi and Mombasa to acquire commercial and retail properties for letting. These are among major cities on its radar across several countries - Ghana , Kenya , Nigeria , Mozambique , Angola and Zambia - it is targeting for initial investments. In a prospectus issued in October, the fund says it is seeking "attractive assets" - shopping centres, grade A offices and industrial properties with long term leases - to buy from developers wishing to exit. It says demand for quality office and retail space has been driven up by firms eyeing resources and fast-moving consumer goods sectors and wish to locate their regional offices in markets with resource booms and increasing consumer spending. African Land will be primarily eyeing properties developed by private equity real estate funds, making developments by PE firm Actis a major target. Its executive directors have entered into "active discussions" with third party developers and real estate brokerage firms such as Knight Frank , Broll, Jones Lang LaSalle and Assenta Reim for projects nearing completion. "African Land is at various stages of discussion with these developers and real estate brokerage firms and will aim to secure forward-sale and preemptive rights to purchase these assets once they are complete and have a 12- month operating history," it states.
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