Three of Ghana’s major shopping malls—Accra Mall, West Hills Mall, and Kumasi City Mall—have been acquired by a South African real estate investment firm, Lango, in a deal worth US$200 million.
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According to a report by MyJoyOnline.com, this acquisition is part of Lango’s broader strategy to expand its retail business into African markets.
In addition to the three malls in Ghana, Lango also holds commercial real estate assets in Nigeria, Angola, and Zambia.
Thomas Reilly, the CEO of Lango, highlighted that this acquisition positions the firm as a leading player in the Sub-Saharan African retail industry.
He stated, “This transaction is a significant milestone for Lango and not only fits squarely into our growth strategy but is also highly accretive. The scale achieved by Lango undoubtedly positions it as a leading Sub-Saharan African firm in the industry.”
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With this acquisition, Lango now manages US$875 million in assets across four countries, focusing on both retail and office sectors in key growth cities.
Reilly emphasized that these assets are well-positioned to enable Lango to capitalize on synergies and enhance growth despite varying market conditions.
This development is part of a broader trend where multinational companies are either exiting Ghana, planning to leave, or being taken over by other firms due to concerns about profitability and the challenging investment climate in the country.
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