Latest news with #Adeleye
Daily Maverick
20-05-2025
- Business
- Daily Maverick
Under pressure but picking up — the state of Africa's real estate markets
Africa's real estate sector is neither collapsing nor booming but is pivoting towards solar-powered malls, cold storage hubs, data centres and housing. A cocktail of Covid-related aftershocks, sovereign debt crises, rising interest rates and fiscal strain has left the African real estate sector bruised, but not broken. A reshuffle, pushed by return-to-office mandates, climate pressures, digital expansion and population growth, is under way. 'We are now seeing increasing evidence of a recovery in pricing,' noted Nils Rode, CIO at Schroders Capital. 'Deal volumes and transaction pricing [are] showing positive trends.' Dr Kunle Awolaja, president of the African Real Estate Society, also noted that the size and value of the formal real estate market in Africa have shown 'significant growth' over the past five years and are projected to continue on this upward trajectory. Across the continent, there is no one-size-fits-all. 'Each market is in a different state of development or recovery,' said Adeniyi Adeleye, head of real estate finance for Africa regions at Standard Bank. SA – resilience by the square metre South Africa, home to one of Africa's largest property sectors, might not be leading the pack, but it is still taking part in the race. 'If you look at the South African property markets, you would find that there was pressure during Covid, and that pressure has somewhat eased out,' Adeleye said. 'Latest statistics talk about the office space having bottomed out… the retail [market] recovered quite quickly post-Covid.' According to Simon Fiford, senior vice president of real estate coverage at Standard Bank, the bank estimates that South Africa's commercial real estate sector is valued at about R1.9-trillion, up from R1.3-trillion in 2015. Add to that the residential market, worth R6.9-trillion, and the total property market exceeds R8.8-trillion as of the end of 2024. This rebound hasn't reached every corner. 'The structural undersupply of affordable housing in the country remains a challenge,' said Fiford. 'Government-subsidised housing makes up 32% of residential units or about 2.18 million homes.' Residential represents nearly 90% of South Africa's total property volume, according to the Centre for Affordable Housing Finance in Africa, underscoring their centrality to household wealth, Fiford said. Infographic by Kara le Roux 'There are big residential clusters in South Africa,' Adeleye observed. 'But from that multifamily housing investor class or subsector is still something that is developing in South Africa.' Multifamily housing refers to residential properties designed to accommodate multiple households in the same building or within a complex of buildings. Return to office Africa's office space market is finally starting to stabilise after the pandemic. 'We found that in the rest of the continent, people went back to the office a lot quicker than in South Africa,' Sandile Mpanza, head of commercial property finance Africa region at Absa Corporate and Investment Banking, said. According to Adeleye, in markets such as Nairobi, Accra, and Lusaka, the return to office was at a 'much faster pace' compared with South Africa. 'Most homes were not designed long-term for permanent users' work,' Adeleye said. Power outages, poor connectivity and small living spaces made remote work in Africa unsustainable. Green A-grade office spaces are attracting tenants. 'Demand for high-quality, ESG-compliant office spaces is rising,' Awolaja said, 'with some developers refurbishing older buildings to meet these standards.' 'What we are seeing is a flight to quality,' Adeleye said – B-grade and C-grade office spaces would continue to struggle. Retail's rebound Retail real estate, surprisingly, may be Africa's comeback kid. In addition to lower vacancy rates in the sector, Fiford said, the increased adoption of solar PV is being used to manage operational costs. 'There's a noticeable trend towards the formalisation of the retail sector, with a significant increase in formal retail spaces, especially in urban centres,' Awolaja said. Urban mixed-use precincts are also reshaping how developers think about retail, according to global real estate agency and consultancy Knight Frank's Africa Report 2024/25. 'The global trend of the live-work-play model is driving demand for mixed-use and community living developments,' the report reads. 'These developments cater to the preferences of modern consumers who seek convenience, accessibility and a sense of community in their retail destinations.' How does this affect you? Pension funds and your portfolio: If your retirement savings or investments are tied to large institutional funds, understanding African real estate's risks and returns helps explain their performance and what your fund manager might do next. Rising rents and relocations: Shifts in investor appetite and infrastructure upgrades (or lack thereof) affect commercial and residential prices. Your business ambition: For SMMEs and entrepreneurs eyeing cross-border expansion, understanding regional real estate dynamics could make or break your next move. Policy, politics and property rights: As some governments grow weary of foreign influence and others dangle tax incentives, the outcome shapes how your country and continent is built, sold and owned. The residential riddle 'You're seeing a lot of interest in residential property across a number of the key markets, affordable residential properties,' Adeleye said, adding that Covid made this market's importance impossible to ignore. The big bottleneck in this sector is end-user financing. 'High domestic interest rates mean that the end-user finance mortgage [is] available but not very affordable. By the time you're paying 17, 18% on mortgage rates, the affordability thresholds are somewhat eroded,' Adeleye said. With African office and retail sectors stabilising, residential is becoming the next frontier. 'The traditional real estate segments, such as offices and retail, are kind of taking a bit of a back seat,' he said. 'They're sort of in a holding pattern, for lack of a better word, and then there's a renewed focus and shift to residential.' Awolaja noted that governments across Africa are focused on addressing the 'significant housing deficit' on the continent to create opportunities for developers in the affordable housing segment. Warehouses, wires and walkways Investor appetite in Africa is growing in so-called alternative real estate assets. 'What you saw dominating global investor appetite was retail assets along with commercial office buildings,' Mpanza said. 'What you're now seeing is the advent of more … I don't want to call it alternative, but other segments within commercial real estate.' Data centres have become important to Africa's digitisation. There are 198 listed data centres across the continent, according to DataCenterMap, with clusters in South Africa, Kenya and Nigeria. 'The growth of the digital economy and online retail is driving a surge in demand for data centres across the continent,' Awolaja said. Cold storage is also heating up. 'There is a need to build that infrastructure and ensure that food security is a national priority,' Adeleye said. The African food cold chain logistics market is projected to grow from $9.9-billion (about R177-billion) in 2025 to $14.5-billion (R260–illion) by 2030, according to Mordor Intelligence. Student accommodation is another hotspot as Africa's young urban population grows. 'In markets like Nigeria and Ghana, you're seeing a growth in educational services,' Adeleye said, partly driven by the entry of international education players. Kenya stands out as an attractive market for Mpanza, as it goes hand in hand with the continent's best tertiary institutions. Future projections for the African real estate market are optimistic, Awolaja said, but warned that overcoming challenges relating to affordability, infrastructure and regulatory frameworks is crucial to realising the market's full potential. DM
USA Today
15-04-2025
- Sport
- USA Today
Former Michigan State football defensive end transferring to UNLV
Former Michigan State football defensive end transferring to UNLV The saga of Tunmise Adeleye and the transfer portal continues. On Tuesday, the former Michigan State football defensive end committed to his fourth school in four years when it was revealed that he will be transferring to UNLV. Adeleye started his career at Texas A&M before transferring to MSU in 2023. He only spent one season with the Spartans before electing to transfer to Texas State. Now, Adeleye has found yet another landing spot in Las Vegas. Adeleye has 21 career tackles and three total sacks to go along with a forced fumble. He was ranked a 3-star transfer this year and was 247Sports' No. 99 ranked defensive lineman in the portal. Adeleye was a 4-star recruit out of high school, where he was the No. 85 ranked player in the 2021 class. Contact/Follow us @The SpartansWire on X, and like our page on Facebook to follow ongoing coverage of Michigan state news, notes, and opinion. You can also follow Andrew Brewster on Twitter @IAmBrewster.
CBC
02-03-2025
- Health
- CBC
Moncton high school student organizes summit for Black youth
Opportunities to ask questions, make connections and share experiences are all important aspects of the high school experience. Chinazam Igwe from Moncton's Harrison Trimble High School said she wanted to have that interaction and connectivity — not just for her — but for all Black high school students across the Moncton area. The Grade 11 student decided to create a space for Black youth from four different high schools to be able to share their experiences and interact with some keynote speakers, including the city's mayor and New Brunswick's education minister. "I think there's a really big ecosystem of entrepreneurs and professionals here, but a lot of the time they're not really interconnected in our school system and there isn't always a lot of pathways for that," she said. On Friday afternoon, Black students from Moncton High School, Riverview High School, Bernice MacNaughton High School and Harrison Trimble High School attended the summit that Igwe helped organize. The Elevate: Empowering Black Youth Summit was a partnership between Igwe and the Anglophone East School District. Rokeebah Adeleye is a Grade 12 student at Moncton High School who attended the event. "This event was important for me because I got to connect with a lot more students that look like me." Adeleye said when she came to Moncton, she was the only Black student in her classroom and an event like this made her feel more comfortable and inspired. She said she made four new friends, including three from Harrison Trimble within an hour and a half. She also witnessed a rap battle between the high schoolers, which made her feel close to Black culture, she said. Adeleye also had the chance to get some advice about her post-secondary studies with a Black doctor who was part of a panel at the event and who also competed in a rap battle with students. "I think it's such a good opportunity to go back and forth with them having conversation because they have so many great insights and their experiences are so deep, and there's a lot for us young students to learn from." She said often speakers at events have a great message, but there isn't enough opportunity to talk to them and clarify any doubts. However, this event helped her to not just interact with the speakers but also make friends with students from other high schools who come from the same background and culture, she said. Oluwashemiire Aderibigbe of Riverview High School also attended the summit and participated in the rap battle. Although he lost the competition to the doctor, he found out they both share a love of making music. "That kind of inspired me," he said. "The rap battle was good. I was kind of nervous, you know, stumbled on my words a bit, but it was fun." Aderibigbe said he was glad that he could connect with the doctor, as he can now get some guidance about resources to make music. "This is my first-ever event here and, you know, kind of enjoyed it ... I feel like I could definitely ask questions if I really needed," he said. Standing beside her group of new friends, Esther Ademola said she did not have an opportunity to ask a very important question while the speakers were on stage. "But the good thing about it was that after the events, the speaker was like, if we have any question, we can go in and meet them ... so I could easily talk to her from there." "I think that's actually very good." The students had the opportunity to speak with Moncton's Mayor Dawn Arnold, who encouraged them to attend city council meetings and present solutions to any issues they see around the city. Moncton High School student Omosigho Nosegbe spoke with Claire Johnson, New Brunswick's minister of education and early childhood development, about creating a platform where students could directly share their thoughts and suggestions with the minister about various topics. "I think it removes that feeling of being isolated and being alone. I think building a community and understanding is great," said Nathaniel Fells, who works with the Anglophone East School District. He said it is great to see a high school student organize an event like this. And he hopes it expands to students with other backgrounds as well. Igwe said the need for an event like this felt very important to her, not just for the Black community but for students belonging to other minorities as well. "It's important because a lot of times we don't have a voice at that upper table always. And you know, I think it all starts in here. It all starts with the students in this room."
