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Africa’s Biggest Lender Woos Swiss Investors to Property

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FirstRand Ltd., Africa’s largest lender by market value, plans to raise as much as $500 million from Swiss private banks and other investors for a property fund focused on the continent.

Ashburton Investments, the asset-management arm of Johannesburg-based FirstRand, will start raising money when its existing $250 million property fund is 75 percent invested early next year, said Chief Executive Officer Boshoff Grobler. Ashburton put up a fifth of the money for the first fund.