Ocorian in Mauritius has been appointed as the administrator for the first ever fund established in the Ivory Coast. Titled Genesis Hospitality Immo Fund (GHIF), the fund focuses on West Africa and aims to capitalise on strong demand for tourism-related and high-level residential and commercial real estate. The mandate emphasises Ocorian’s, a global leader in fund administration, capital markets, corporate and fiduciary services, continued commitment to supporting African entities in their pursuit of growth on the continent.
John Félicité, Business Development Director, Africa at Ocorian’s Mauritius office and who led the deal, stated: “Ocorian is privileged to have been appointed as fund administrator for GHIF. Africa is brimming with investment potential and, at Ocorian, we are keen on helping fulfil that potential and taking the socio-economic development of the continent to new heights. This mandate also emphasises Ocorian’s continued commitment to supporting African entities in their pursuit of growth on the continent.”
The first fund in Ivory Coast dedicated to the tourism and real estate sectors, GHIF has an initial target size of CFA francs 10 billion (approximately Rs 761 million / $17.9 million). It aims at capitalising on tourism-related real estate operators and the high-level residential and commercial real estate sector. The fund will also be catering to individual and institutional investors looking for long-term diversification schemes.
Leon Kruger, Client Services Director at Ocorian’s Mauritius office, said: “This appointment demonstrates the breadth of our services. We are committed to upholding the highest standard of service and are looking forward to working with the whole team at GHIF. We are a global leader in fund administration, corporate, private client and capital markets services and are renowned for our professionalism and ethics. Our wide-ranging portfolio of clients – which includes financial institutions, large-scale international organisations and high-net-worth individuals – demonstrates this.”
Novan Maharahaje, Head of Fund Services at Ocorian’s Mauritius office, added: “We look forward to working with GHIF. Charles Kié, the Ivorian banker who launched this fund, has assembled a solid team of professionals around him which bodes well for the future of GHIF. The Ocorian team will fully support them by leveraging our expertise, technological platforms and our global network of contacts.”
