Abraaj Group acquires Ghana Home Loans

One of Ghana’s leading providers of residential mortgages, Ghana Home Loans has been acquired by a Dubai based private equity firm.

This is the second major acquisition by Abraaj in Ghana in five months.  In June, it acquired 100 percent stake in Fan Milk International, the parent company of Fan Milk Ghana.

In a statement, Abraaj said it has invested in two of the fastest growing sectors-real estate and financial services in Ghana.

The acquisition is the latest example of private equity firms looking to Africa for deals, drawn by a growing middle class and increased consumer spending.

Ghana Home Loans is focused mainly on offering residential mortgages for first-time buyers, buy to let, equity release and home completion products. Abraaj gave no details on its payment for the stake.

Founded in 2002, the Dubai firm has about 7.5 billion dollars in assets.

Source: myjoyonline