Rangoon REIT Launch Opens Prime Accra Real Estate to Investors
Ghana’s capital market has received a boost with the launch of Rangoon Real Estate Investment PLC, a new real estate investment trust (REIT) introduced by Goldkey Properties Ltd, following an oversubscribed initial public offering (IPO).
The launch event, held at Cantonments City, marks a significant milestone in efforts to deepen Ghana’s capital markets while expanding opportunities for investors to participate in high-quality commercial real estate assets.
The new REIT is structured as a closed-ended investment vehicle regulated by the Securities and Exchange Commission Ghana, with IC Asset Managers (Ghana) Ltd serving as the REIT manager and Standard Chartered Bank (Ghana) PLC acting as independent custodian.
Strong Investor Interest
The public offer, which ran from December 1 to December 19, 2025, attracted strong participation from both domestic and international institutional investors, reflecting growing appetite for professionally managed real estate investment vehicles in Ghana.
Proceeds from the IPO are being used to acquire a minority stake in two landmark commercial properties located within Cantonments City — the Huawei Building and the PwC Tower. Both properties are leased to multinational tenants under long-term agreements, providing a steady rental income stream for investors.
Expanding Ghana’s Property Investment Market
Real estate investment trusts allow investors to purchase shares in portfolios of income-generating property without the financial and operational burdens of direct ownership.
Globally, REITs represent a mature asset class valued at approximately $4.6 trillion, serving as a major channel for institutional investment in sectors such as office buildings, retail centres, logistics facilities and healthcare properties.
Founder and Executive Chairman of CH Group, Kwaku Bediako, described the launch as a milestone for 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,” he said.
According to him, opening ownership of the Huawei Building and PwC Tower to investors through the REIT demonstrates how locally developed commercial assets can be structured into institutional-grade investment vehicles.
Broadening Access to Real Estate Investment
Executive Director of Goldkey Properties and Group Chief Operating Officer of CH Group, Cynthia Darko Acquaye, said the structure was designed to broaden investor participation in premium commercial real estate.
She noted that while Goldkey will retain a majority stake in the properties, outside investors can now access ownership through shares in the trust.
Chief Executive Officer of IC Asset Managers, Isaac Boamah, said the strong response during the IPO reflects growing investor demand for transparent, income-generating investment vehicles backed by quality assets.
Boost for Capital Market Development
Officials say the emergence of new REITs could help strengthen Ghana’s capital markets by providing long-term investment opportunities for pension funds, institutional investors and members of the diaspora.
Deputy Director-General (Finance) of the Securities and Exchange Commission, Mensah Thompson, noted that REIT structures can help channel long-term savings into productive sectors such as commercial property, housing and urban infrastructure.
He said similar investment vehicles have played a key role in linking capital markets with real estate development in many advanced economies.
With the successful launch of Rangoon REIT, industry analysts believe Ghana could see increased use of REIT structures as developers and financial institutions seek new ways to finance large-scale real estate projects while widening investor participation in the property sector.
