Dubai private equity firm Abraaj Group has acquired a majority stake in Ghana Home Loans, the leading provider of residential mortgages in the West African state, the company said in a statement on Monday.

The acquisition is the latest example of private equity firms looking to Africa for deals, drawn by a growing middle class and increased consumer spending. In June, Abraaj acquired West Africa dairy firm Fan Milk International.

Accra-based Ghana Home Loans is focused mainly on offering residential mortgages for first-time buyers, buy to let, equity release and home completion products. Abraaj gave no details on its payment for the stake.

Abraaj has invested through one of its funds in a firm that operates in real estate and financial services, two of the fastest growing sectors in Ghana and the wider West African sub-region, it said.

The Dubai firm, founded in 2002 by Group chief executive Arif Naqvi, has about $7.5 billion in assets.-Reuters