British International Investment

Actis Sunrise Development Limited

West AfricaConstruction & Real estate

Actis is a leading investor in growth markets across Africa, Asia and Latin America. Its three separate investment groups focus on energy and infrastructure; real estate; and general sectors, including consumer, education, financial services, healthcare, industrial, manufacturing, and retail.

Actis was formed in 2004 following a restructuring of CDC designed to bring more equity capital into developing countries and the two organisations have a shared history.

The London-based firm has offices across Africa, Asia and Latin America.

This investment was made when British International Investment was named CDC Group.

We have now exited this investment. This is what we achieved.

Achieved impact

In 2013, we committed $10.8 million to support the development of ‘The Exchange’, the first large mixed-use development in Ghana. It was expected to support the creation of 1,000 – 2,000 jobs during construction and 3,000 jobs once completed. It was also expected to increase consumer choice through 12,000/sqm of retail and to enhance business infrastructure through the construction of a hotel.
Construction ceased in 2017, due to the lead construction company filing for bankruptcy. In 2022, we exited our stake in the project to Actis, an existing investor in the project.

Expected impact

In 2013, CDC invested $10.8 million into the Actis Sunrise Development in order to facilitate the building of a mixed-use development in Ghana.

We exited this investment in 2022.

Rapid urbanisation and population growth are boosting the number of people in Africa's cities and driving the demand for real estate, both business and residential. Mixed-use developments have been able to help meet this demand.

Our investment has enabled Actis to create The Exchange, a mixed-use urban development close to Ghana’s Kotoka International Airport.

The Exchange will incorporate office, residential and retail space alongside a hotel.

The project is under development and has created jobs during the construction stage. Up to 90 per cent of the work has been sub-contracted to local companies, helping to boost employment and support the local economy.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    January 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D82
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Exited
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    West Africa
    Country

    The countries from which we derive the value of our investment. Where value is derived from multiple countries, this is indicated.

    :
    Ghana
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Construction & Real estate

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Debt
    Start date :
    October 2020
    End date :
    May 2022
    Amount :
    $642.35k
    Currency of investment :
    USD
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Mauritius

Related investments made by BII into this company:

Investment name Commitment Region Sector Start date Status
Investment 01 $9.11m, $1.69m West Africa Construction & Real estate November 2013 Exited
Investment 02 $-278.89k West AfricaWest Africa Construction & Real estate September 2015 Exited

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