African-American Real Estate Mogul To Invest in Real Estate Development in Africa
(PRNewswire) — As the British Prime Minister and U.S. President broker Chinese and Asian investment deals, Africa is the latest emerging economy to attract Anglo-American attention with the announcement of a landmark joint venture that promises to deliver economic growth across the African continent.
British-born Ashish Thakkar of Mara Group and Quintin E. Primo III of Capri Global Capital have signed agreements to form Mara Capri Africa Ltd. with the goal of pursuing high quality commercial and residential African real estate developments.
Both Thakkar and Primo have a distinguished track record in the property sector. Mara Group has a $1bn portfolio spanning four continents and Primo – said by Forbes Magazine to be one of the U.S.’s top ten wealthiest African-American’s – co-founded the U.S.-based Capri Capital Partners LLC with $3.6 billion in fair market value assets under management as of the end of September 2010.
“Africa needs investment, not aid,” said Ashish Thakkar, Founder and Managing Director of Mara Group. “I’m so excited that we’re able to partner with a real estate visionary like Quintin Primo and I sincerely hope that our combined skills can harness the amazing opportunities of this great continent.”
“Africa’s un-tapped potential is staggering,” said Quintin Primo. “As one of the world’s fastest growing economic regions it desperately needs quality real estate. And, by seeking to address Africa’s challenges, shared expertise means we can also potentially help our economy and jobs at home – it’s a win-win for both continents.”
“By 2040, Africa is projected to be home to one in five of the planet’s young people and the world’s largest working-age population,” said Thakkar. “That, alongside increasing political stability and a rising middle-class means that Africa is ripe for foreign direct investment and we hope to be at the forefront of that.”
Mara Capri Africa is expected to pursue substantial real estate opportunities across all property sectors, including retail, office, hospitality and residential.