Delta International to Raise $90 Million for African PropertiesKamlesh Bhuckory
Delta International Property Holdings Ltd. plans to raise about $90 million over the next two months to fund the purchase of office and retail developments in Africa.
“We will buy shopping centers and offices that have tenants in place,” Louis Schnetler, 50, who will take over as chief executive officer on Aug. 1, said by phone today. “The fundraising will be half in equity and half through asset-backed loans.”
Delta, which last week added a listing in South Africa to its primary one in Bermuda and is 25 percent owned by Johannesburg-based Delta Property Fund Ltd., owns a shopping mall in Morocco and is finalizing the acquisition of three office developments in Mozambique. The company is also targeting deals in Ghana and Nigeria, Africa’s biggest economy, according to Schnetler.
“There is a pipeline of assets that we can acquire,” he said. “It can be anything between $200 million and $250 million. We wish to grow the fund and not just keep it at this level.”