Real Estate Africa Gateway to build Appolonia City office in Ghana!

Gateway Real Estate Africa (GREA) has announced that it is building its first commercial office building in Ghana, in Appolonia City, Greater Accra's inclusive mixed-use, new city, 20 km from the center of Apollonia City. estate agents

The Complex Grade A will have both corporate and retail spaces at its headquarters and sales office, and will be anchored by Appolonia City. To complete the first phase of this project, USD 4 million will be invested.

With the planned completion in 2022, the four-story building will benefit from the existing world-class infrastructure of Appolonia City, including roads, power, water, waste management and ICT.

"As with all our real estate solutions across Africa, the office building of Appolonia City will be equipped with high quality borrowings and strong partners, starting with Appolonia City itself," said GREA Chief Investment Officer Andre Janari.

"We have high demand for office and retail space for companies and people who want to enjoy our live, working, play environment, with offices, homes, schools and shops within walking distance." Appolonia City CEO Bright Owusu-Amofah stated.

Appolonia City is a new master town in Greater Accra with a surface area of 2325 acres. Appolonia City is designed and delivered by Rendeavour, the largest African town development company. Appolonia City is quick to become a destination of choice for companies and individuals moving away from heavy traffic Accra for a healthy and congestion-free environment, with more than 700 homes completed or under construction.

Building a commercial office building for GREA will help Accra's economy through GREA's synergies with Ghanaian professionals such as building experts, highly skilled engineers and construction workers.

GREA is affiliated to the Grit Real Estate Investment Group (Grit), Africa's largest group of property revenues. Sir Samuel Jonah is a member of the Grit board of directors, one of the leading businessmen in Africa and Ghana.

Sir Samuel said, "The investments of Gateway Real Estate Africa in Appolonia City's first building are a showcase of GREA and Grit's vision for high-quality immovables in Africa and a benchmark for Ghana's global investment."

Kamux has traditionally operated in rental properties, but Kamux may in the future also own properties in line with our strategy as we announced at Capital Markets Day in March. The future property of Kamux will build a car processing center serving Nothern Finland in Oulu, and it will combine our present Oulu NPV showroom and Oulu Rusko passenger car showroom under one roof," said Kamux's CEO Juha Kalliokoski.

The processing center will make automobiles, such as inspections, repairs, sales preparations and logistics, more efficient and accurate.

"The processes industrialization serves customers with a broader selection and comprehensive and high quality information about their cars, which contributes to creating transparency and confidence. Our clients will be offered a selection of around 300 cars in the Oulu showroom, and a total of about 5,000 cars in Kamux," says Kalliokoski.

The future Oulunportti estate will measure 4,000 m2 and will be completed by the beginning of 2022.

"IFRS 16 states that ownership of a property does not increase the balance sheet significantly in relation to a rented property. Oulunportti's investment in real estate is about EUR 5 million. The ownership of property is not an end in itself; it serves our strategic objectives and our ambitions for growth. Investment in the processing facility allows the long-term development of business in line with our strategic priorities," says CFO Marko Lehtonen.