After successfully closing its first investment vehicle (“AWIP I”), AfricaWorks Investment Partners announces the strategic acquisition of a prime property in the Mermoz district of Dakar, Senegal, in September 2025.
Press release, 2 June 2026.
The transaction marks a significant milestone in AWIP’s strategy to deliver institutional-grade, mixed-use real estate products across Africa’s fastest-growing urban markets, and is the largest deal completed by AWIP so far.
A brownfield play in Dakar’s high-end Mermoz district
The acquired asset is the former headquarters of an international non-profit institution, strategically located at the Elton roundabout in Mermoz, one of Dakar’s most sought-after residential and corporate neighbourhoods. AWIP intends to deliver approximately 5,000 sqm of Grade-A mixed-use space across an R+6 configuration with a dedicated rooftop. The redeveloped building will stand out as a one-of-a-kind product in Dakar, combining premium offices, coliving and serviced apartments, and lifestyle amenities under a single roof.
A differentiated mixed-use product
The new building will combine approximately 150 workstations of premium office space (45% of GLA) catering to the growing demand for flexible, high-quality workspace in Dakar; a 40-key coliving concept (50% of GLA) addressing the structural undersupply of quality medium-stay accommodation; and a signature rooftop F&B and MICE component (5%) featuring a bar, restaurant, lounge and swimming pool, a first of its kind in Dakar.
Construction on site will start in the coming weeks, and the new mixed-use building is expected to be delivered in phases over the next 18 months.
AWIP targets a Gross Asset Value (GAV) of USD 10 million by the end of 2027 upon stabilisation, and a target IRR above 25% for AWIP I’s LPs.
About AfricaWorks Investment Partners
AfricaWorks Investment Partners is a real estate investment platform focused on value-add strategies across key African markets. Through its first vehicle, AWIP I, the firm targets brownfield and development opportunities in coworking and coliving, serving the workspace needs of Africa’s fastest-growing companies.
This press release is issued for information purposes only and does not constitute an offer or solicitation of any investment.