Laurus Development Partners has acquired 20,000-square metres land at the Airport City in Accra to put up an estimated $60 million office complex. The project, One Airport Square, designed by award-winning Italian architect Mario Cucinella is expected to commence in September this year and would be completed within 24 months. Laurus, a property development company, was founded by private equity firm Actis, which is also responsible for financing the project. Briefing journalists in Accra on Wednesday, Mr Carlo Matta, CEO of Laurus said the company, whose sub regional office is headquartered in Accra, is undertaking feasibility studies to venture into affordable housing projects and retail market centres using local content – human resource and materials. He challenged real estates developers to develop quality building irrespective of the type and affordability. “There is a persistent need for sustainable, high quality real estate in Ghana and Nigera but too often buildings remain unfinished because of a lack of capital and development expertise. Laurus has been created to challenge the status quo and develop environmentally sustainable, large-scale residential and commercial properties.” Mr Matta remarked that like other projects executed by Laurus, the One Airport Square would be guided by its principle of designing to suit conditions for decades to come. He said the company is commitment to ensuring a transfer of knowledge to people in countries they operate. Laurus, he said, is looking forward to provide an internship opportunity to at least two developers each year to exposure them to the best international practices. Amanda Jean-Baptiste, Director of Real Estate at Actis, noted that 40% of Actis’ investments are in Africa. She said the company, which is the lead investor and developer of the Accra Mall, has invested about $150m in real estate development in Africa and intends to double it in the next five years. “For Actis, Ghana was the obvious choice for Laurus’ base. Accra is fast becoming the business hub of the region with a flourishing economy and growing numbers of multinationals choosing to locate here. We see great demand for office and leisure facilities both here in Ghana, and also in Nigeria – this is what Laurus will deliver,” Amanda noted. The One Airport Square project would have office and retail space. It would also serve as a social point with cafes, shops and bars. It has 250 car parking spaces, full fire sprinkler provision and among others designed to capture rain water for toilet flashing and watering of the landscape. Story by Isaac Essel/Myjoyonline.com/Ghana