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Launch of Comer Africa Real Estate (C.A.R.E.)

April 8, 2014

LONDON, April 8, 2014 /PRNewswire/ –

Comer Africa Real Estate (C.A.R.E.) today announced the launch of the joint venture
which will become the leading developer of cities in Sub-Saharan Africa, on the same day
as the UN sponsored 7th World Urban Forum launched its “Cities for Life” program calling
for planned urban environments. Comer Africa Real Estate was founded by Comer Group, one
of UK and Ireland’s largest private real estate developers and house builders, along with
African visionary, Ozwald Boateng’s Made in Africa Foundation and corporation, the
official partners of African Development Bank’s Africa50 infrastructure initiative.

The two founders have worked together for several years to bring Sub Sahara’s largest
planned urban regeneration site (150 acres) in the center of Kampala, Uganda, to fruition.
In doing so they each recognized the opportunity for huge development impact and value
creation of bringing modern, planned real estate development to the great cities of
Sub-Saharan Africa.

In addition to New Kampala, the C.A.R.E. team is securing a number of large scale
development opportunities in other high growth African cities. They are in negotiation on
sites in Ghana, Nigeria and Kenya amongst others. They will engage global talent such as
internationally renowned African born architect, David Adjaye.

Africa is not only the fastest growing economic zone globally, it also has the most
rapid urbanization with a number of mega cities already forming. Nearly half the world’s
population growth between now and 2025 will be in Africa. For example the population of
Lagos is set to double in the next fifteen years and by 2050, 60% of Africans will be
living in cities.

Joan Clos, Executive Director of UN Habitat, said: “No African government can afford
to ignore the ongoing rapid urban transition taking place across the continent. Cities
must become priority areas for public policies, with hugely increased investments to build
adequate governance capacities, equitable services delivery, affordable housing provision
and better wealth distribution.”

Brian Comer, Chairman of the Comer Group and executive director of C.A.R.E., said:
“Everyone has the right to a proper home and work environment. We’ve a lot to share with
Africa in terms of urban development and we are delighted to be able to be part of its
phenomenal growth story. The growth of Africa will be defining moment for the world as a
whole.”

Chris Cleverly, CEO of Made in Africa Foundation and executive director of C.A.R.E.,
said: “We need to build cities for people and for business, cities that work for growth.
We need to build for the future with 65% of Africa’s population under the age of 35, they
see a very different Africa from those that came before them – C.A.R.E. is there to help
the build it.”

Contact – Chris Cleverly:

chris@madeinafricafoundation.co.uk

SOURCE Comer Africa Real Estate Ltd


Source: PR Newswire



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