Investment fund in Mozambique to invest in real estate projects

20 June 2013

The Mozambique Private Investment Fund’s will have as one of its main shareholders, the Banco Espírito Santo (BES) group, which will have a 30 percent share in it, said James Edwards, investment director of Eurofin Capital.

Edwards also told Portuguese news agency Lusa that the fund, in which 50 percent of initial capital will be Portuguese, is a partnership between Eurofin Capital, which is part of a Swiss financial group, and Portugal’s Strongeagle, headed up by André Ribeiro, a former director of Portuguese oil group Galp Energia.

According to Edwards, BES’s decision comes at a time when there is a lack of opportunities in Portugal due to the financial crisis, and Mozambique is one of the most promising economies in Africa, with projected economic growth of 8.4 percent in 2013.

The Fund will be focused on investing in residential and commercial real estate, offices, leisure facilities and industrial units and its managers expect to raise between US$75 million and US$100 million by July.

Some projects are already being analysed, ranging from construction of housing and accommodation for foreign workers to funding gas exploration, construction and telecommunications services. (macauhub)