Atlantic Coast Regional Fund (ACRF), managed by Advanced Finance and Investment Group (AFIG Funds), has completed an undisclosed investment in real estate company Primrose Properties Ghana (PPG).

Papa Madiaw Ndiaye, CEO of AFIG Funds, said: “The ACRF investment reflects our confidence in the long-term potential of Ghana, despite recent challenges. It also illustrates AFIG Funds’ strategy to identify and partner with local entrepreneurs who have demonstrated remarkable strategic and operational capabilities.”

The investment was made through ACRF, which targets high-growth companies cross all sectors in 29 countries in West and Central Africa.

Accra-based Primrose Properties is a special purpose vehicle formed in 2006 to develop, hold and invest in high-quality real estate assets.

PPG focuses on the development of commercial and residential property.

PPG’s maiden project was the development of Primrose Place, a multi-story luxury residential complex located in Ghana’s capital city of Accra.

PPG’s clients include major oil and gas corporations, foreign multinationals and the diplomatic corps.

Funding for projects has been sourced from shareholder equity as well as Ghanian and Nigerian financial institutions.

The investment by AFIG Funds will support PPG by funding development projects in Ghana’s growing real estate market, including the completion of its latest high-tech complex project in Kanda, Accra.

Charles Adu Boahen, CEO of Primrose, said this investment represents a significant achievement in the evolution of the company.

“AFIG Funds is an experienced institutional investor that brings not only capital to support our company’s continued growth, but also management support and international best practices that will enhance our ability to capitalize on attractive opportunities in the real estate market locally and in the sub-region,” he said.