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Goldkey Properties Ltd, part of the CH Group, has officially launched Rangoon Real Estate Investment PLC (Rangoon REIT) following an oversubscribed IPO, marking a milestone for Ghana’s commercial real estate and capital markets. The launch event took place at Cantonments City, Accra, and attracted government officials, diplomats, business leaders, and industry stakeholders.
Rangoon REIT, a closed-ended real estate investment trust regulated by the Securities and Exchange Commission of Ghana, is managed by IC Asset Managers (Ghana) Ltd, with assets held in custody by Standard Chartered Bank (Ghana) PLC. Proceeds from the IPO are being used to acquire minority stakes in two prime commercial properties within Cantonments City—the Huawei Building and the PwC Tower—both leased to multinational tenants under long-term agreements.
A REIT allows investors to participate in income-generating property portfolios without the complexities of direct ownership. Globally, REITs are a US$4.6 trillion asset class, widely used by institutional investors to access office buildings, shopping centres, logistics hubs, data centres, and healthcare facilities.
Founder and Executive Chairman of CH Group, Kwaku Bediako, described the launch as a landmark for Ghana’s investment ecosystem, noting that Cantonments City demonstrates the capacity of Ghanaian developers to deliver world-class commercial infrastructure. He added that Rangoon REIT aims to provide consistent returns for investors while raising sector standards.
Cynthia Darko Acquaye, Executive Director of Goldkey Properties, highlighted that the REIT broadens access to high-quality commercial real estate while Goldkey retains majority ownership. CEO of IC Asset Managers, Isaac Boamah, emphasised the transparency and governance standards of the REIT, citing strong investor interest during the IPO.
The SEC’s Deputy Director General (Finance), Mensah Thompson, noted that REITs could channel long-term savings into institutional-grade property assets, opening opportunities for pension funds and diaspora investors, and strengthening the linkage between capital markets and real estate development in Ghana.
Source: citinews
