Access Real Estate S.C is liquidating parts of its real estate assets it acquired in different location the Addis Ababa to finance its ongoing projects.

Ermias Amelga, CEO of Access Real Estate told  Capital “In the last two years we bought over 30 assets in different areas of the city in view of developing them. However after we started our first projects that are about 11, we faced difficulties due to many reasons and we decided to sell the assets that we are not going to develop in the next coming years,” Ermias said in a phone interview from Dubai.

“I thought it was simple to construct all these projects in a short time, but there is a capacity constraint in the country when we come to finding capable professionals, moreover the projects are huge,” Ermias explained.  “The 11 projects we are handling now are very challenging so we scrapped the new projects and decided to sell them as we need the money for the ongoing projects,” he further said.

Ermias also said , the real estate properties acquired by the company are found in prime locations which will make them easily disposable.

Ermias also told Capital the failure of the joint venture agreement signed last year with a Soliton Holdings, a Dubai-based company. The arrangement in the agreement was for the  management of Access Real Estate’s projects by Soliton Holdings to assist Access's bid to  deliver one thousand homes in a year.

Source: Capital