Knight Frank is launching a $350 million (£173 million) Central and East African commercial property fund, the first of its kind to buy into offices and shops on that continent.

The Rutley Capital East African Property fund could float on the London, Nairobi and Johannesburg stock exchanges to help to attract African pension fund investors.

Rutley Capital, the private equity unit of the Knight Frank property agency and the manager of the fund, wants to buy into some of Africa’s rapidly growing economies, which for years were left moribund by war and corruption.

Initially, the fund will invest in Botswana, the Democratic Republic of Congo, Kenya, Malawi, Mauritius, Mozambique, Namibia, South Africa, Tanzania, Uganda and Zambia.

These countries have experienced swift economic growth over the past few years, often where regime change has triggered inward investment that has accelerated the expansion of a new middle class.

The Kenyan economy has got back on to a firmer footing since 2002, when Daniel arap Moi, who had been in firm control as President for 24 years, left office.

Kenya enjoyed GDP growth of 6.1 per cent last year. Large, Western-style shopping centres have been springing up in Nairobi, the Kenyan capital, starting with The Junction in 2004, the Crossroads Centre last year and the Westgate Centre this year.

Rents have reached the equivalent of almost £18 a square metre a month.

Rutley Capital expects to raise between $100 million and $200 million of equity.

With borrowings, that will allow the fund to buy up to $350 million of property.

A report out this week from Knight Frank on the whole of the African property market reveals that Zimbabwe – despite its troubled economy – is experiencing a shortage of office, retail and industrial space, as hyperinflation has prevented new developments.

Senior partners said that the new fund could yet invest in Zimbabwe, depending on radical political and economic changes being made there.

Peter Welborn, the managing director of Knight Frank’s African business, said: “We are keeping a very watchful eye on Zimbabwe and the development fund will not be precluded from making investment at some point if we feel it is appropriate.

“Knight Frank still has 129 staff in Harare and 27 in Bulawayo fully employed collecting rents. It could be that we have a major operation – it is very well managed there.”

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