Laurus, Actis Launch New Real Estate Project

Carlo Matta briefing the media at the event

Laurus development partners, founded by Actis, a private equity firm, have lunched new real estate projects in Ghana.

The projects, which include medium housing development and office buildings, are intended to address the demand for sustainable high quality real estate in Ghana.

The company, which started operations in 2009 and officially opened in March 2010, intends to become the best real estate developer in the country.

Speaking to the press at the launch, Carlo Matta, Chief Executive Officer (CEO) of Laurus said, 'Laurus has been created to challenge the status quo and develop environmentally sustainable, large-scale residential and commercial properties, setting a new standard in West Africa.'

He also noted that Laurus has a team of international and local experts responsible for design, project management, construction and leasing, adding 'because Laurus is involved at every stage it is able to complete its buildings on time and on budget.'

The company will be committed to building long-term real estate, adding 'we construct for 20 to 30 years so we are committed to long-term development relationship.'

He further reiterated the commitment of the company to local communities, noting, 'We are making sure that there is knowledge transfer through offering internship programmes to good students to ensure that they get the best exposure in international practice, as well as use local content such as local materials, engineers and constructors experts.'

Amanda Jean Baptiste, Director of Real estate at Actis said, 'For Actis, Ghana was the obvious choice for Laurus because Accra is fast becoming the business hub of the region with a flourishing economy and growing number of multinationals choosing to locate here.'

The first project of Laurus and Actis in Ghana is the One Airport Square, designed by award winning Italian Architect Mario Cucinella.

The complex, which will be located in Accra's growing commercial district at the airport city, will provide office and retail space. It is designed to serve as a social point for Ghanaians, with European-style cafes, shops and bars.

The building, which is in line with the efforts of the Accra Metropolitan Assembly (AMA) to use land effectively in Accra, is estimated to cost between $55 and $60 million and expected to be completed in May 2013.

By Jamila Akweley Okertchiri