Actis, Laurus Break New Grounds

By Jamila Akweley Okertchiri Actis, a private equity firm, in conjunction with Boston Investment and Laurus Development Partners, has taken the first step in the Ghanaian real estate industry by breaking the ground for the construction of ‘One Airport Square,’ project in Accra. The project, designed by award winning Italian Architect Mario Cucinella, is destined to become the number one corporate and most environmentally friendly complex in the country. The complex, located in Accra’s growing commercial district at the airport city, will comprise nine floors of office space and 2,000 square meters of retail including European-style cafes, shops and bars, serving as a social gathering point for social residents, office workers and visitors.

David Morley, Head of Real Estate at Actis, said the building has specifications such as natural ventilation via the central atrium, rain water recycling and concrete overhangs which prevent over- heating and lower energy consumption. “The floors are raised, parking is ample, floor plates are large and flexible, health and safety is of an international standard,” Morley said. He also stated that the building when completed will enable Ghanaians to work and relax in the heart of the city. Carlo Matta, Chief Executive Officer (CEO) at Laurus, said the building’s unique look was inspired by Ghanaian traditional patterns. He observed that the during the construction, the project will employ over 150 Ghanaian construction workers, adding that it will source more than 40 percent of all materials locally in order to help stimulate the regional economy. Matta also indicated that One Airport Square is a great example of how mixing Ghanaian expertise and international best practices can achieve outstanding results. “We hope this project will set a new standard in the country’s real estate industry.” The building, estimated to cost between $55 and $60 million, is expected to be completed in May 2013.