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East Africa
European property investors have crossed many borders in a global hunt for yield, but few have taken full advantage of opportunities in Africa, according to real estate private equity firm Rutley Capital Partners.
Even the most intrepid of investors have lacked sufficient resources and market knowledge to establish a strong presence in Africa, but Rutley hopes to open up the continent’s property market with what it believes to be the first fund investing solely in East African property.
"Property investors have struggled to tap into these markets because they haven’t had a contact base or experience to leverage off," partner Nicholas Burnell told Reuters in an interview.
"But there is a lot of appetite for property investment in Africa, both from local pension funds and international investors who have a gap in exposure to this region. Many US institutions like Africa simply because it bears little correlation to any other market," he said on Monday.
Burnell said Rutley—the private equity arm of global property services firm Knight Frank — aimed to raise up to \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\$200 million of equity to launch the fund, which he said could provide the ultimate portfolio diversification tool for western European investors bearish about prospects of their own markets.
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