(Ecofin Agency) – With a portfolio of ten hotel assets built up in four years of activity in four African markets, Kasada is continuing its expansion in sub-Saharan Africa. Its latest operation involving the acquisition of a South African hotel strengthens its position in the region as well as its acquisitions.
The investment platform dedicated to the hotel sector in sub-Saharan Africa, Kasada Capital Management, announced this Thursday, March 24, its entry into the South African hotel market.
Via its investment vehicle, it acquired for an undisclosed sum the Cape Grace hotel located in Cape Town, South Africa. The operation was carried out with the diversified group Meikles Limited which held a significant stake in the capital of Cape Grace Hotel.
“This acquisition marks our entry into the South African hospitality market, the largest in Africa. The Cape Grace is an important addition to our hotel portfolio, and we look forward to bringing our know-how and expertise to this asset,” said Olivier Granet, Managing Partner and Managing Director of Kasada.
The takeover operation is taking place in a context where the hotel market in sub-Saharan Africa remains underdeveloped compared to similar markets. However, the region is home to growing economies, high-potential markets and an emerging middle class that are assets for this sector.
The acquisition contributes to Kasada Capital Management’s expansion strategy in sub-Saharan Africa. The platform launched in 2018 with the support of the sovereign wealth fund of the State of Qatar and the French giant AccorHotels has been able to build in four years of activity, a portfolio of 11 hotels in five economies, namely: Côte d’Ivoire , Senegal, Cameroon, Namibia and now South Africa.
Chamberline Moko