Phatisa’s Pan Africa Housing Fund to build homes in Makeni, Zambia

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The Pan African Housing Fund (PAHF), managed by Phatisa, has entered into an agreement with Camland Estate Limited (Camland Estate), real estate professionals based in Lusaka, to develop a middle income residential property on 21 hectares of prime land in the fast-growing Makeni suburb of Lusaka.

Makeni is located 12 kilometres southwest – a 20-minute commute – of central Lusaka and is serviced by a host of newly built shopping malls, factories, clinics, schools and colleges.

The Camland Villas development is a multi-phase, build-to-sell project consisting of 310 homes ranging between two and three bedrooms. The first phase includes the completion of show units, social and security infrastructure and a commitment to green and sustainable base infrastructure.

Through the provision of risk capital, PAHF aims to actively address the urgent housing market shortage by increasing the variety of available quality, competitively priced middle income residential accommodation in the Makeni area.

‘Phatisa is proud to be partnering with a reputable local company such as Camland Estates. While this is a sound investment for our investors, the project will also play its part in the development of the wider Makeni community. We estimate that the first phase of this development alone is expected to provide an estimated 1,200 jobs. The investment has the potential to provide over 1,000 homes and additional mixed-use investment opportunities. Housing is the core of any sustainable community and plays a pivotal role in socio-economical development of any community, as it addresses one of the basic needs for all people in society – shelter,’ says Jan van der Merwe, Phatisa’s fund partner to PAHF.

The growing Zambian middle class market suggests that housing demand will continue to grow in major urban areas around the country. Zambia’s residential real estate market is largely untapped, with middle income and affordable housing showing the most growth potential in the medium term.

‘Camland Estates is excited to be partnering with the Phatisa to provide medium-cost houses in Lusaka. The project which comprises of comfortable houses, open green spaces and social amenities for local residents, will go a long way towards mitigating the 120,000 annual housing deficit in Zambia’, says Mumeka Wright, director of Camland Estates.

About Phatisa

Phatisa logo_235x140Phatisa is an African private equity fund manager, operating across sub-Saharan Africa, with offices in Mauritius, South Africa, Zambia, Kenya, and Ghana, as well as London. The firm has two sector-specific funds under management, totalling more than US$285 million, focused on food and affordable housing. Phatisa comprises a team with a significant track record of managing private equity funds and businesses throughout the continent.

Phatisa’s African Agriculture Fund has committed investments in excess of US$135 million, from Sierra Leone in West Africa to Mauritius, East Africa and 13 other countries in between. This reflects a total of eight portfolio companies across diverse sectors: primary farming, palm oil, processing, inputs, mechanisation, fertiliser, protein production and FMCG beverages. Phatisa also introduced an eastern and southern African investment initiative in response to the ever-increasing housing shortage – the Pan African Housing Fund (PAHF). The US$41.95 million Fund commenced operations during Q1 2013 and has concluded three investments to date.

At the heart of Phatisa is development equity, as embodied in the unique formula of DevEq = PAT * x + i 2 ™; a balanced blend of private equity and development finance – striving to build sustainable assets on the ground; ensuring best possible returns for investors, including the community in which these operate.