Renaissance Partners in Development of Tribal Land Outside of Takoradi, Ghana

May 24, 2011

Cleary Gottlieb advised Renaissance Partners in connection with the acquisition of land interests outside the port city of Takoradi, Ghana. Takoradi, the home of Ghana’s emerging oil industry, has become a focal attraction for African property developers and real estate financiers following the discovery of oil in the region in 2007 and the commencement of commercial exploitation last year.

Renaissance Partners contracted with the Chief of Takoradi, acting in a representative capacity as custodian and trustee of all Takoradi stool land, to acquire a 99 year lease over approximately 2,367 hectares of land in Takoradi, for the purpose of developing the land into a mixed-use community development. The project would consist of the master planning and infrastructure development of the land, and subsequent sale or lease of sub-divided land parcels. The Cleary Gottlieb team assisted with structuring the lease and drafting a framework agreement. The deal signed on May 24, 2011.