Africa real estate fund has second close

Momentum Africa Real Estate Fund held a second close of $103 million on July 31, according to a spokesperson for Momentum Global Investments. The opportunistic fund focuses on office, retail and light industrial properties in sub-Saharan Africa, excluding South Africa.

The Momentum Group has invested $10 million in the fund, which held a first close of $47 million in January 2015. The fund expects to hold a third and final close in early 2016 and is hoping to raise a total of $250 million in equity.

The fund has received investments from institutional investors and family offices. It is targeting returns of 18 percent to 20 percent.