| Project Detail |
This summary covers equity investments by Kasada Hospitality Fund LP (Kasada) of Mauritius, through its wholly owned subsidiary Condor Kite WDH Ltd of Mauritius (Condor), for the acquisition of Safari Hotels (PTY) Ltd of Namibia. This acquisition will be made through JN Hamman Beherende Beleggings (PTY) Ltd, an onshore Namibian company. MIGA has been requested to provide political risk insurance coverage for up to US$ 12.80 million upfront and standby commitment of $5.19 million against the risks of expropriation, transfer restriction and currency inconvertibility, and war and civil disturbance for a period of up to 15 years. This project is part of a Master Contract issued to Kasada Hospitality Fund LP on June 30, 2021.
Kasada Hospitality Fund is a private equity fund with a focus on the Sub-Saharan Africa hospitality sector. The fund is owned by Accor (the 6th largest hotel management company in the world) and the Qatar Investment Authority (Qatar’s sovereign wealth fund) as limited partners. Over the next three years, Kasada expects to establish a portfolio of up to 20 hotels requiring a total investment (debt and equity) of approximately US$1 billion.
Environmental Categorization
The project is a category B under MIGA’s Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary.
Development Impact
The project will contribute to direct and indirect job creation with spillover effects across the tourism value supply chain in Namibia. In addition to job creation and retained employment, the development impact of the project will also be driven by demand for suppliers as well as government revenues in the form of taxes and foreign exchange earnings. The project will also support overall resilience of the acquired hotel in the context of the challenges faced by the tourism and hospitality sectors in Namibia due to the COVID-19 pandemic. |
