Novare Equity Partners, is on a mission to start another property fund which will inject $250 million in Nigeria and other African countries’ urban real estate. It will be known as the Novare Africa Property Fund II, succeeding the Novare Africa Property Fund I that shut down three years ago.
“Persistence and the need to make a long-term commitment, both financially and to your people in the country, are important attributes for success,” said Jan van Zyl, Head of Property Development at Novare Equity Partners.
He added that based on the past experience he has learnt a lot about doing business in Nigeria since the launch of the first fund; pointing out that it was costly and that there are major obstacles to enter.
“However, the factors that make Nigeria worth this sort of trouble include the size of its $432 billion economy that is expanding by around 7 percent a year, its fast-growing middle class and a continuous inflow of foreign exchange from oil and gas exports,” said van Zyl.