RMB Westport II (IFC-36987)

Regions
  • Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 26, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
RMB Westport Real Estate Development Fund II
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 450.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Dec 22, 2015


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Project Description

This project finances the development of retail, office, and industrial properties in Sub-Saharan Africa.

 

Investment Description
  • International Finance Corporation (IFC)
Private Actors

The Sponsor and Manager of the Fund is RMB Westport which was established in 2008 by Westport Property Partners, an African focused property development management company, and Rand Merchant Bank (“RMB”), the investment banking division of FirstRand Bank Limited. The FirstRand Group is one of the largest banking and insurance groups in Africa. The Manager is currently owned by seven partners with a collective 75% shareholding and 25% by Ashburton Investments the investment management business of the First Rand Group.

Contact Information

Contact: Simon Fifield
Title: CEO
RMB Westport
3 Merchant Place, Cnr Fredman Drive & Rivonia Road,
Sandton, Johannesburg, South Africa
Tel: +27 11 282 8000
mailto:info@rmbwestport.com

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/