Mara Delta to invest $110m more on property in Mozambique

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Mara Delta, which is an apse-listed pan African property owner, said on Monday it will invest a further $110m in Mozambique by acquiring an additional four properties, and the second stage development of its Anadarko building.

The company has, since 2014, invested in six commercial properties in Mozambique, valued at $160m.

“We are confident of the long-term growth prospects in Mozambique. The challenges that the country faces are not unique to emerging economies and we are continuously engaging with the Banco de Moçambique on these matters.

“Mara Delta has a solid risk strategy in place which includes careful cash flow management around investments, our ability to manage flow of funds through our liquidity facilities in Mauritius and ensuring our anchor tenants are blue chip internationals, securing most of our leases in US dollars,” said the company’s head of developments Greg Pearson.

“We are currently engaging with financiers for a 7-10 year Mozambique debt package to refinance the in-country debt and fund the acquisition pipeline,” he said.

“Real estate investment is a long-term play, and we certainly remain committed to the countries we invest in. We have long leases in place and have diversified our portfolio in Mozambique significantly to manage through the economic cycle,” Pearson said.

Mara Delta has a management team with over 45 years combined African experience and relationships, and in-country asset and property management teams.

CEO Bronwyn Corbett said Mara Delta was focused on creating significant shareholder value, which ensured consistent growth on the African continent.

Mara Delta is listed in Johannesburg and Mauritius and also holds a portfolio of assets in Morocco, Zambia, Nigeria, Kenya and Mauritius.

Source: BDLive


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