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Kingdom Zephyr makes first investment from pan-African fund

Pan-African private equity firm Kingdom Zephyr has invested EUR45m in Mixta Africa, an affordable housing developer that predominantly operates in the fast growing African low to middle

Pan-African private equity firm Kingdom Zephyr has invested EUR45m in Mixta Africa, an affordable housing developer that predominantly operates in the fast growing African low to middle income residential real estate sector.

Mixta’s main focus is the development, construction and sales of housing units and, to a lesser extent, land transformation across Africa.

The investment, Kingdom Zephyr’s largest to date, represents a stake of 21.2 per cent in the company. The investment is drawn from Kingdom Zephyr’s Pan African Investment Partners II fund (EUR35m) and jointly from the Pan-African Investment Partners I and Pan-Commonwealth Africa Partners funds (EUR1m).

Kingdom Zephyr’s stake makes it the second largest shareholder behind founding shareholder Fundacíon Privada Renta.

Mixta currently operates in Morocco, Senegal, Mauritania, Tunisia, Algeria and Egypt, and is actively reviewing opportunities in other markets across Africa such as Nigeria, Angola, and Zambia. Mixta plans to expand to at least one additional African country each year.

In total, the company has around 750,000 square meters of land under control within their existing portfolio of countries and has successfully completed several projects.

Mixta develops housing units for the low to medium income socio-economic group with its clients being mainly locals or non-resident nationals. The majority of the housing units are pre-sold with significant advance payments (around 20 per cent in the form of an initial deposit) from Mixta’s clients.
 
Mixta Africa’s chairman Josep Piqué says: ‘This investment has reinforced our shareholding with a like-minded investor, something which will support and propel Mixta Africa in achieving its full potential."

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