Goldkey Properties opens Ghana’s latest institutional-grade REIT

 

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.

 

Cynthia Darko Acquaye, Executive Director of Goldkey Properties and Group Chief Operating Officer of CH Group