The performance of office rents across Africa remains mixed, according to Knight Frank’s inaugural Africa Office Market Dashboard for Q1 2021. Like most other regions around the world, African cities have seen diminished office demand, which has been exacerbated by the economic fallout as a result of the pandemic.

According to Knight Frank’s 28-city composite index, which tracks office rental performance in some of Africa’s most prominent cities, prime office rents remained stable during Q1 2021.

Welcome to the June edition of the Addleshaw Goddard Africa Group Newsletter. We hope you enjoy reading a selection of business news and articles from around the continent.

On 5th June 2021, the G71 reached a historic deal to change the international tax framework whereby it is expected that multinational companies will end up paying more tax. The Organisation for Economic Cooperation and Development (OECD) has been working hard to get consensus on the reform of the international tax framework. In 2020, the OECD released its reports on the blueprints of the two-pillar approach to address the tax challenges arising from digitalisation of the economy. The G7 agreed to move forward with both pillars. On one side they agreed on a global minimum tax rate of 15% (Pillar 2) and on the other side it was also agreed that companies will end up paying more tax in the countries where they are selling their products (Pillar 1).

Global law firm Clyde & Co advised private equity firm Adenia Partners on its 100% acquisition of Africa Biosystems Limited (ABL), a leading distributor of life sciences and clinical diagnostics equipment in East Africa.

Mobile money products and services have taken off in many parts of the world, to the extent that in some regions they have become more widely used than traditional banking. For example, in five out eight countries in the Southern African region, roughly half of individuals have subscribed to a mobile money service—many of whom do not have a bank account. Similarly in India, the number of mobile money accounts grew by 95% between 2014 and 2019. In the Middle East, fintech is growing by 30% annually and projected to generate $2 billion in investment capital funding by 2022.

A consortium led by Salt Capital, which includes the German development finance institution DEG and management shareholders, has announced the signing of a sale and purchase agreement for the sale of 100% of the issued share capital of Deep Catch Namibia Holdings (“Deep Catch”) to JSE-listed Imperial Logistics Limited (“Imperial”) for an estimated purchase consideration of N$633 million.

A consortium led by Salt Capital, which includes the German development finance institution DEG and management shareholders, has announced the signing of a sale and purchase agreement for the sale of 100% of the issued share capital of Deep Catch Namibia Holdings (“Deep Catch”) to JSE-listed Imperial Logistics Limited (“Imperial”) for an estimated purchase consideration of N$633 million.

Key political moments of our time – the handover of Hong Kong for one – jostle with Wodehousian observations of grand shooting parties and the right way to wear a club tie in Algy Cluff’s latest gem. Off the Cluff is an erudite and eclectic collection from the much admired pen of a true character.

FTI Consulting South Africa and Corruption Watch recently co-authored an article titled ‘Addressing Corruption in South Africa’ in which we argued, inter alia, that consideration should be given to allowing criminal offenders to self-disclose and subject themselves to an administrative penalty to avoid criminal prosecution through the mechanism of deferred prosecution agreements (“DPAs”).

When it launched its Africa Bond Fund back in 2014, MCB Investment Management (MCB IM)   became an early player in the pan-African fixed income space. . Over time, the team has built up considerable expertise in the management of funds and portfolios focused on African local and hard currency (USD and EUR denominated) bonds.

Roland Siller will be the new CEO of DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH. After consulting DEG's Supervisory Board on 27 May, 2021, KfW Group, as the shareholder of DEG, decided to appoint him for three years.

Roland Siller will be the new CEO of DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH. After consulting DEG's Supervisory Board on 27 May, 2021, KfW Group, as the shareholder of DEG, decided to appoint him for three years.

Roland Siller will be the new CEO of DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH. After consulting DEG's Supervisory Board on 27 May, 2021, KfW Group, as the shareholder of DEG, decided to appoint him for three years.

Welcome to the April edition of the Addleshaw Goddard Africa Group Newsletter. We hope you enjoy reading a selection of business news and articles from around the continent.

ICAP AFRICA has launched a new division - AFRICA DIRECT - which offers a comprehensive range of financial services to corporate clients and institutional investors who are likely to be exposed to risk in African markets. Africa Direct will focus on financial risk analysis and risk management that is supported by real-time financial market data and analysis. The new division will have its headquarters in Johannesburg and will be headed by financial analyst and manager, Duncan Keil.

The Charles Russell Speechlys Africa Team has advised Ascent Capital Africa on the establishment and fund raising for its second fund, Ascent Rift Valley Fund II (ARVF II), which has had its first rolling close at more than USD 100 million, significantly exceeding its initial target of USD 80 million.

Global law firm Clyde & Co advised leading Commercial & Industrial (C&I) solar company, Premier Solar Group, on the sale of a 50% stake in its East African operations to Starsight Energy, a West African C&I energy-as-a-service provider.

Invest Africa, the leading business and investment platform for African markets, and Absa Group, one of Africa’s largest diversified financial services groups, are pleased to announce a strategic collaboration, aimed at supporting the development of business and investment on the continent, and the growth of Absa Group as a leading African retail, corporate and investment bank.

Mediterrania Capital Partners’ portfolio company Akdital Holding owns Ain Borja, the Casablanca clinic that assisted the birth of nine babies by a Malian woman

Invest Africa (www.InvestAfrica.com), a prominent business and investment platform for African markets, and APO Group (www.APO-opa.com), the leading Pan-African communications consultancy and press release distribution service, have entered a partnership agreement to help boost African economies.