London, 04 Aug-(ANA)-Emerging Capital Partners (ECP) has announced it has bought controlling stakes in Shoresal and Almes - both North African construction companies - for a total $ 26.2 million.
ECP is an international private equity firm focused on investing across the African continent with a nine-year track record and the first to raise more than $ 1.6 billion to invest in companies across Africa.
It is expanding its North African investments.
Thomas Gibian, chief executive officer of ECP, said: "ECP has invested in various African engineering and construction companies since 2006, and we have long been evaluating opportunities in the North African market…Unlike many western markets, North African real estate and construction is generally driven by a lack of supply to meet the increasing demand from both foreign and domestic companies."
In Algeria, ECP acquired a $13.8 million stake in Shoresal, a real estate development company, which will use ECP's investment, in part, to finance the development of a 14-storey Class A office tower in the Bab Ezzouar business district of Algiers.
According to the company’s research, demand for office space in Algeria's major cities is approximately eight times greater than the current supply, driven by a tripling in the number of multinational companies since 2000. (ANA)
Sudan/Ethiopia