The Abraaj Group has acquired a majority stake in Ghana Home Loans, a provider of residential mortgages in Ghana. Established in 2006, GHL, headquartered in Accra, has a primary focus on the Ghanaian residential home buyer, offering mortgages for first time buyers, as well as buy to let, equity release, refinance and home completion products.
The Abraaj Group (“Abraaj”), a leading investor operating in growth markets, today announced its acquisition of a majority stake in Ghana Home Loans (“GHL”), the leading provider of residential mortgages in Ghana.
Established in 2006, GHL, headquartered in Accra, has a primary focus on the Ghanaian residential home buyer, offering mortgages for first time buyers, as well as buy to let, equity release, refinance and home completion products. It has also supplemented traditional mortgage lending with consumer education via housing fairs and seminars.
Abraaj has invested through one of its Funds in a firm that operates at the intersection of real estate and financial services, two of the fastest growing sectors in Ghana and the wider West African sub-region.
Commenting on the investment, Jacob Kholi, Partner at The Abraaj Group, said: “We are pleased to be backing an experienced local management team that has grown GHL into the market leader it is today, playing a key role in homeownership growth in Ghana and in an under-developed industry that has huge potential.
“We are confident that our support will now further drive scale and consolidate the business’ market leadership position, and build a world-class financial institution in terms of its operating systems, processes, human capital and ethics. We are also looking forward to creating greater operational efficiency through IT-enabled processes, and looking at broadening its portfolio to include new product offerings.”
Dominic Adu, CEO of Ghana Home Loans, said: “Given the deep local experience that the Abraaj team has, we are confident that this is the perfect partnership for us. Together, we have laid out a clear plan for value creation for all stakeholders. We look forward to executing this plan together.”
Abraaj has a strong track record of investing in the country, with its experience dating back to the mid-1990s. Earlier this year Abraaj completed the largest African FMCG private equity transaction in Sub-Saharan Africa, outside South Africa, with the acquisition of Fan Milk International.
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THE ABRAAJ GROUP
The Abraaj Group is a leading private equity investor operating in the growth markets of Africa, Latin America, Middle East, South Asia, South East Asia, Turkey and Central Asia.
Employing over 300 people, the Group has 25+ country offices spread across six regional hubs in Dubai, Istanbul, Mexico City, Mumbai, Nairobi and Singapore. Local presence across these markets provides the Group with unmatched expertise, know-how, proprietary transactional access and the ability to grow partner businesses across borders.
The Abraaj Group currently manages US$ 7.5 billion across 20+ sector and country-specific Funds, encompassing private equity (majority and significant minority investments with ticket sizes of between US$ 10 million to US$ 100 million) and real estate (primarily yield-generating) investments.
Funds managed by the Group have holdings in over 140 partner companies that collectively employ over 200,000 people and create sustainable value in sectors including manufacturing, education, retail, aviation, oil and gas, financial payments infrastructure, healthcare and agribusiness. The Group’s current partner companies include industry leaders such as Network International, the largest independent payment solutions provider in the Middle East and Africa, NEP Holding, with its Diamond brand and a market leader in the residential filtration market of Malaysia (with a growing presence in Singapore, Hong Kong, Taiwan and Southern China), Brookside Dairy, the leading dairy in East Africa, and Iasacorp, a long established family run women’s retail business in Peru.
The Group has set the standard for private equity investing in growth markets, having returned c. US$ 4.2 billion to investors from over 70 full and partial exits, providing industry leading returns across a range of companies that have emerged as today’s regional champions and tomorrow’s global challengers.
The Abraaj Group has an investor base of 300, including corporates, development finance institutions, financial institutions, pension funds, sovereign wealth funds, family offices, high net worth individuals and other institutional investors from Asia, Africa, the Americas, Europe and the Middle East.
The Abraaj Group is committed to the highest environmental, stakeholder engagement and corporate governance standards. The Group is a signatory to the United Nations-backed Principles for Responsible Investment and the United Nations Global Compact. The Group’s founder, Arif Naqvi, was appointed to the United Nations Global Compact Board by UN Secretary-General Ban Ki-moon in 2012. In 2013, Mr. Naqvi was awarded the Oslo Business for Peace Award, one of the highest forms of recognition given to global business leaders for fostering peace and stability through creating shared values between business and society.
Through its social investing program, The Abraaj Group has supported best in class organizations focused on entrepreneurship and job creation, healthcare, education and community engagement and thereby enabled a deep-rooted and sustainable impact on the economic landscape of the markets in which it operates.
This publication is issued by Abraaj Capital Limited (ACLD), a member of The Abraaj Group that is authorised and regulated by the Dubai Financial Services Authority (“DFSA”). Several Group members are regulated by a number of international regulatory authorities including the DFSA under whose rules ACLD has issued this publication.