Currently, different multinational companies are showing eagerness to invest in different sectors in Ethiopia. Being the third-largest diplomatic center, availability of potential resources, competitive labor force, government’s commitment to promoting investment, among others makes the country to be in the eyes of investors.
The Ethiopian Herald had a stay with Gateway Real Estate Africa, a property developer operating across the African continent, Chief Executive Greg Pearson. Excerpts,
Please tell us a bit about yourself and your background?
My name is Greg Pearson I started my career in the United Kingdom before moving back to challenging projects throughout Africa in 2006, as the head of business expansion for a Fortune 500 company. My professional experience stems from Real Estate Development and Construction, and I am privileged to have worked in over 40 African countries as well as across most of Europe.
They say that entrepreneurs are born, and I’ve always had a passion for identifying and acting on opportunities, and building businesses that not only deliver for shareholders but have a positive social impact as well. I am a founder member of Gateway Real Estate Africa, a property developer operating across the African continent, where I currently serve as Chief Executive.
I am also proud to be a founder member of Grit Real Estate Income Group, a real estate company operating across eight African countries and listed on the London Stock Exchange as well as the Stock Exchange of Mauritius.
Would you briefly tell us about your company’s accomplishments and experience?
Gateway Real Estate Africa is a private real estate development company registered in Mauritius. We specialize in turnkey construction of accommodation for international companies who wish to expand their operations in the African continent.
Gateway Real Estate Africa creates value for shareholders through development, rental income from tenanted developments, and through the sale of assets at the appropriate time.
Since its inception in 2018, the company has invested more than USD 430 million in real estate projects, with a future pipeline of over USD 500 million across asset classes such as data centres, corporate accommodation, healthcare, light industrial, and logistics warehouses.
Who were your local partners, how did you select them, and how can Ethiopian partners best attract FDI partners like yourself?
We always work with international and local partners on all of our projects, to ensure a solid understanding of the local environment and nuances, as well as ensure skills transfer and collaboration.
In addition, I am a strong proponent of engaging with internationally qualified diaspora and providing opportunities for them to plough back their knowledge and experience in their home countries.
For our Elevation Residences development in Ethiopia, (which we co-developed with Verdant Ventures) we worked with local professional teams including SYMBIO, Elmi Olindo & Co, Bamacon Engineering Plc, Bigar Architects, Mehrteab & Associates Office, KPMG Ethiopia, Grant Thornton Ethiopia, Davis & Shirtliff, SGS Ethiopia among others.
What we looked for in our local partners is a strong level of professionalism, track record, and expertise, as well as a very good grasp of the local landscape and socio-political nuances. Local partners with these qualities are much sought-after by international developers and investors.
What motivated you to expand business operations in Ethiopia, and why are you attracted to investing in the real estate sector?
There is a huge undersupply of high-quality developments across the continent. As Africa is increasingly seen internationally as the last growth frontier, we believe there is a fantastic opportunity to collaborate with international businesses wanting to expand their footprint in Africa and needing suitable corporate space. This includes consular level corporate accommodation such as Elevation Residences (a co-development with Verdant Ventures) in Ethiopia, data centres, shopping malls, corporate offices, or logistics warehouses. More recently we’ve embarked on developing hospitals in Mauritius as well, based on tenant demand.
What stage of construction is the building currently under, and how much is your price per unit?
Elevation Residences has recently been completed and most corporate tenants have already moved in. Since the development is aimed at corporate rentals, we negotiate leases based on the number of units rented as well as the tenure of the loan. Interested corporates and consulates are welcome to get in touch with us to discuss this in more detail.
What do you comment about the Ethiopian government’s commitment towards welcoming foreign investors? And what do you recommend for promoting foreign investment in the country?
We are very grateful for the extraordinary welcome and support we were accorded by the Ethiopian Investment Commission that is our first stop as an FDI-registered company. We are also very grateful for the strong support we have received from the Government, as well as the Addis Ababa City Administration who have assisted with permits and approvals.
