It could be five years before institutions invested in African real estate on a large scale, Keillen Ndlovu, Stanlib head of listed-property funds, said at a recent Jones Lang Lasalle Outbound Capital Conference. Ndlovu who spoke on a panel about investing in sub-Saharan Africa, said the real estate markets in countries in the region other than SA were just too small and lacked enough investment-grade stock to warrant institutions investing en masse. He said more liquidity was needed in African real estate and that a model African real-estate firm was needed. "We need a strong company like Grit [Real Estate] to show that listed property can work in Africa. They are doing well under [CEO] Bronwyn [Corbett] and I think if they get the London Stock Exchange listing they want, this will go a long way in getting offshore investors to eye the continent in a different light." Grit Real Estate is the only listed property fund that invests exclusively on the continent, not including SA. Apar...

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