Kasada Hospitality Fund LP (Kasada) held it first close with equity commitments over US$500 million. It  is a Sub-Saharan Africa hospitality sector-focused, private equity fund, with two limited partners: the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar and Accor, Europe’s largest hotel management company. Kasada is the first large-sized, professionally sponsored and managed hospitality investment platform in Sub-Saharan Africa. Over the next 3 years, Kasada plans to build a high-quality portfolio of hotels in Sub-Saharan Africa.

 Kasada’s first phase capital deployment is expected to require investment of approximately, US$400 million which IFC will support with an up to US$160 million-equivalent senior loan package, comprising IFC A loans and debt mobilization.

The cost of the Ayaba sub-project is estimated at €159 million, which IFC will support with a €65 million senior loan package comprising €32.5 million A loan and €32.5 million parallel loan.

  Abidjan, Cote d’Ivoire; Dakar, Senegal; Douala, Cameroon 

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This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability (2012). Based on IFC’s review, coupled with existing knowledge of the sector, the project is expected to have limited adverse environmental and social risks and impacts that are site-specific, and can be avoided or mitigated by adhering to recognized good international industry practice (GIIP).