The market environment in high-risk African economies including Nigeria is pushing investors further away from the typical greenfield private equity project style, to a more income-led strategy that focuses on existing ‘de-risked' assets.

As a result, a greater number of investors are attempting to dispose of or acquire assets, and require referenceable data points for yields and capital values. We noticed this internally through the frequency and volume of requests for this type of data and it led to the development of this handbook.

Consequently, I am excited to introduce you to Volume 1 of our Market Comparable Handbook. In it, we analyse transactional data that we have been able to independently verify including yields, attractive sectors, investment volumes, and capital values.

As the market is still not completely transparent, the data analysed represents a sample of total transactions and not the entire data pool. The cut-off for data points analysed is December 2020 and one notable exemption is the sale of the $300m+ RMB Westport portfolio to Growthpoint Investec African Properties.

Digest and let my team know what you think directly via [email protected], all feedback (including corrections) is welcome. You can also reach out if you are interested in a more detailed breakdown of these transactions.

Enjoy!