By: Nana Appiah Acquaye
Goldkey Properties LTD, a part of the CH Group, has officially
launched Rangoon Real Estate Investment PLC (Rangoon REIT) following an
oversubscribed initial public offering (IPO), a move which simultaneously
deepens the domestic capital and real estate markets. The launch event, held at
Cantonments City in Accra, marks a significant step in the development of
Ghana’s commercial real estate and capital markets.
Rangoon REIT is structured as a closed-ended real estate investment
trust regulated by the Securities and Exchange Commission of Ghana. The REIT is
managed by IC Asset Managers (Ghana) Ltd, with assets held in custody by
Standard Chartered Bank (Ghana) PLC. The offering, which ran from 1 December to
19 December 2025, attracted strong participation from institutional and
qualified investors in Ghana and internationally.
Proceeds from the IPO are being used to acquire a minority stake in
two landmark commercial properties within Cantonments City, the Huawei Building
and the PwC Tower. Both properties are leased to multinational tenants under
long-term agreements.
A REIT is a company that owns, operates or finances
income-producing property. Similar in structure to a mutual fund, REITs pool
capital from multiple investors and distribute income generated from rents and
property assets as dividends. For many investors, particularly those
offshore, property remains one of the most familiar and trusted investment
classes. Yet direct ownership often requires substantial capital commitments
and ongoing management responsibilities, limiting participation to a relatively
small pool of investors.
REITs offer an alternative. By allowing investors to purchase
shares in professionally managed portfolios of income-generating buildings, the
vehicles provide exposure to property markets without the operational
complexities of direct ownership.
Globally, REITs represent a mature asset class valued at about
US$4.6 trillion. In developed markets they have become a central mechanism for
institutional investment in property, covering sectors ranging from office
buildings and shopping centres to logistics hubs, data centres and healthcare
facilities.
Mr. Kwaku Bediako, Founder and Executive Chairman of CH Group,
described the launch as a milestone in Ghana’s investment ecosystem.
“Cantonments City is not merely a real estate development. It is a declaration
that Ghanaian developers can conceive, finance and deliver world-class
commercial infrastructure. The Huawei Building and the PwC Tower are among the
finest commercial properties in Accra, and through Rangoon REIT they are now
available for investors to own a stake in,” he said.
He added that the REIT represents a broader institutional ambition.
“REITs are not simply investment products, they are economic infrastructure.
When they function effectively, they raise standards across an entire sector.
Rangoon REIT is structured to generate consistent returns for shareholders
while demonstrating that Ghana can build and manage investment vehicles to
international standards.”
Cynthia Darko Acquaye, Executive Director of Goldkey Properties and
Group Chief Operating Officer of CH Group, said the REIT structure was designed
to broaden participation in high-quality commercial real estate. “The
Huawei Building and the PwC Tower were conceived to meet the requirements of
world-class multinational tenants,” she said. Goldkey Properties will
retain a majority stake in the properties, while outside investors participate
through shares in the trust.
IC Asset Managers (Ghana) Ltd, as
REIT Manager, will be responsible for investment management, administration and
shareholder services. The firm’s Chief Executive Officer, Isaac Boamah said,
“Rangoon REIT represents exactly the type of transparently governed,
institutional-grade vehicle that Ghana’s capital markets require. The strong
response during the IPO reflects investor appetite for quality real
estate-backed income products. We are committed to maintaining the highest
standards of performance, governance and risk management on behalf of our
shareholders.”
The Deputy Director General (Finance) at the Security and Exchange
Commission (SEC), Mensah Thompson, in a speech, said a new generation of real
estate investment trusts could open the domestic commercial property market to
pension funds and members of the diaspora, as regulators and developers seek to
deepen the country’s capital markets and broaden access to long-term investment
assets. “A REIT enables long-term
savings to be channeled into productive assets such as commercial property,
housing and urban infrastructure,” he said, adding that the structure offers
investors a more accessible route into property ownership.
Mr. Thompson said REITs could channel a portion of those flows into
institutional-grade commercial property assets. “In many markets around
the world, REITs have played an important role in linking capital markets with
real estate development,” he said.
Standard Chartered Bank (Ghana) PLC, serving as independent
custodian, will hold and administer the REIT’s assets in accordance with
regulatory requirements, providing an additional layer of oversight and
security for investors.
