Research shows prices per square metre significantly higher in Africa than similar investments in developed markets, says analyst WITH listed property funds shifting their focus to the rest of Africa, some fund managers are concerned that they are overpaying for assets.Alternative Real Estate Capital Management’s Garreth Elston says while there are many solid real estate investment opportunities in the rest of Africa for South African property stocks, he is concerned about some of the high prices of these assets."Our research indicates that prices per square metre have been significantly higher (in Africa) than similar investments in developed markets such as the US, Canada and Spain," said Mr Elston.Intu Properties acquired the largest shopping centre in Spain, Puerto Venecia, a 120,000m² centre for €451m, or $3,999/m², this year, whereas Attacq and Hyprop Investments recently paid $6,845/m² for the 22,645m² Ikeja City Mall in Nigeria."An example of a mall of comparable size (to Ik...
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