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

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 7^th 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:

[email protected]

SOURCE Comer Africa Real Estate Ltd

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