Africa’s Biggest Lender Woos Swiss Investors to Property

(Bloomberg) -FirstRand Ltd, Africa’s largest lender by market value, plans to raise as much as $500 million from Swiss private banks and other investors for a property fund focused on the continent. Ashburton Investments, the asset-management arm of Johannesburg-based FirstRand, will start raising money when its existing $250 million property fund is 75 percent invested early next year, said Chief Executive Officer Boshoff Grobler. Ashburton put up a fifth of the money for the first fund.  “Investors are looking for growth in their portfolios,” Grobler said yesterday in an interview in Geneva. “The markets where investors are finding growth pushed them into Africa.”  Link to Article