African-American Real Estate Mogul to Invest in Development in Africa
British-born Ashish Thakkar of Mara Group and Quintin E. Primo III of Capri Global Capital have signed agreements to form Mara Capri Africa Ltd. with the goal of pursuing high quality commercial and residential African real estate developments. Both Thakkar and Primo have a distinguished track record in the property sector. Â Mara Group has a $1 billion portfolio spanning four continents and Primo â€“ said by Forbes Magazine to be one of the U.S.â€™s top ten wealthiest African-Americanâ€™s â€“ co-founded the U.S.-based Capri Capital Partners LLC with $3.6 billion in fair market value assets under management as of the end of September.
â€śAfricaâ€™s un-tapped potential is staggering,â€ť said Primo. â€ťAs one of the worldâ€™s fastest growing economic regions it desperately needs quality real estate. Â And, by seeking to address Africaâ€™s challenges, shared expertise means we can also potentially help our economy and jobs at home â€“ itâ€™s a win-win for both continents.â€ť
â€śBy 2040, Africa is projected to be home to one in five of the planetâ€™s young people and the worldâ€™s largest working-age population,â€ť said Thakkar. â€śThat, alongside increasing political stability and a rising middle-class means that Africa is ripe for foreign direct investment and we hope to be at the forefront of that.â€ť
Mara Capri Africa is expected to pursue substantial real estate opportunities across all property sectors, including retail, office, hospitality and residential.