South Africa鈥檚 Public Investment Corporation (PIC) has acquired a 13% stake in real estate firm Aradei Capital.
Aradei Capital said PIC, which invests on behalf of the Government Employees Pension Fund, has invested $50m (鈧�45.6m) to buy a mixture of new shares and a partial block-sale of shares held by the European Bank for Reconstruction and Development (EBRD).
Headquartered in Morocco, Aradei Capital has a presence in 15 cities across the country.
PIC joins other Aradei Capital shareholders, which include the EBRD, Label鈥橵ie, SANAM Holding and Best Financi猫re.
Nawfal Bendefa, CEO of Aradei Capital, said: 鈥淭his capital investment is key to funding our identified pipeline and we anticipate strong growth emerging from this global COVID-19 crisis.
鈥淲e expect such growth will be driven by a migration to commercial real estate with higher standards.鈥�
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