About American Continuum

AMERICAN CONTINUUM (“AMCON”) is a USA-operated and managed investment fund, which is 100% invested into the USA Commercial Real Estate (CRE) Market. AMERICAN CONTINUUM INC. is a US domiciled company, established for the express purpose of acquiring outstanding retail property opportunities in pre-determined geographical locations (Secondary and Tertiary Markets), within the US CRE market. The investment mandate is focused on smaller, lower risk, grocery anchored neighborhood centers with Internet resistant tenants coupled with selective national chain outlets with well developed omni-channel retail strategies. The AmCon management team has a stellar track record of driving a successful entry into the US retail sector, having executed on the acquisition of $ 430 Million of major power centers on behalf of the South African Listed Emira Property Fund.

Our Vision is to “Capitalise on the current niche opportunity to rapidly grow and develop a high-quality, high-yield retail asset base in the USA offering superior returns and resilient investment opportunities to our investors”

Rick Makin

Rick Makin



35+ years’ experience in construction, civil engineering, property finance and management globally. Successfully concluded multiple property transactions in global markets.
Co-founded CONTINUUM in 2015 and AMCON in 2019.

CONTINUUM was pivotal in conceptualizing, sourcing and closing CIL2 $430M retail property acquisition strategy in the USA from July 2017 to July 2019.

SA born and US resident.

Alan Burrow

Alan Burrow


B.Compt. (Accounting Science) (SA)

An entrepreneur with 35+ years’ experience, 18 years specifically in the property industry. Founded and integrally involved in various start-ups and established companies prior to partnering with Rick in 2006. Co-founded CONTINUUM in 2015 and AMCON in 2019.

CONTINUUM was pivotal in conceptualizing, sourcing and closing CIL2 $430M retail property acquisition strategy in the USA from July 2017 to July 2019.

SA born and US resident in Dallas, Texas

About Continuum

Continuum Investments LLC is an investment advisory company which established and managed the CIL2 REIT LLC fund from 2017, representing the South African JSE Listed Emira Property Fund interests in the USA.

Historical Context:

By July 2019, having succeeded in meeting all Continuum’s predetermined objectives during the preceding 24 month period, namely: the identification and provision of a Dallas-based co-investment and local management partner to participate in the Emira strategy; establishing efficient and timely reporting on a quarterly basis (including GAAP to IFRS conversions) into the listed Emira vehicle back in Johannesburg; the achievement of dividend return hurdles through the efficient implementation of appropriate tax and financial structures based on advice and inputs obtained from sourced US-based Professionals; and lastly the acquisition of 9 regionally dominant grocer-anchored Power Centers valued at $ 430 Million (see Continuum Press Releases), the Continuum minority shareholding in the USA REIT was acquired by Emira in August 2019.

Credit was widely given to Emira by the South African Investor Market, for implementing the largest successful investment drive into USA retail real estate by a listed SA Reit. Continuum, by that time, had advanced its strategy of establishing more than one GP relationship, thus allowing for faster scaling of the business and creating access to further acquisition opportunities. Continuum also strongly advocated adding to its original strategy, by way of including smaller Neighborhood Centers (which are extremely resilient and offer excellent growth and value-add opportunities) into a balanced Portfolio, that was not entirely focused on large regional Power Centers.

From the Emira perspective, the Continuum management team had fulfilled its execution mandate in creating the solid Portfolio foundation, and Emira, being an active property business, staffed by skilled professionals, expressed the wish of taking on a more direct and proactive role in the relationship with the Dallas-based USA General Partner (GP), thus circumventing the ongoing Continuum participation. All parties achieved an amicable exit in August 2019, and, for Continuum, the next investment phase, that of the creation of the American Continuum Fund, commenced.

Current Context:

Continuum is currently implementing its second fund, American Continuum (AmCon). As part of this strategy, AmCon is actively seeking to raise equity, to be deployed into the significant ” buy opportunity ” that is emerging in the US due to pricing dislocations during these recessionary times, and is anticipated will accelerate once interest rates stabilise and trend downward. 

AmCon has strong and established strategic relationships with execution and investment partners in Texas, Ohio, Georgia and Florida, offering tried and tested investment strategies into the dynamic USA Commercial Real Estate (CRE) market. AmCon has begun its strategy of acquiring select grocery-anchored Neighborhood Shopping Centers, partnering with one of its USA Partners to acquire a small shopping center in St. Louis, Missouri.  AmCon has aligned itself with full service, US-based General Partners possessing reputational excellence in the market, who will contribute pro-rata equity into every acquisition and will conduct all local property management duties under contract to AmCon. Below is a summary of the various roles and duties performed by Continuum for its USA investment fund initiatives:

Strategic Development

Ongoing development, adaptation and management of strategic plan, to advance the fund’s mission and objectives to promote revenue, profitability and growth as an organization.

Market Strategy

Maintain a deep knowledge of the US sub-markets and CRE industry, and adjust strategy where necessary.

Identify and acquire excellent investment CRE

  •  Urgency is critical throughout this competitive process, in order to ensure success:
    • Broker and Partner relationships are key to identifying prospective investments and maintaining credibility in the marketplace
    • Initial site visit – critical first look as soon as possible after Term Sheet signed
    • Deal negotiations – tightly agreed and managed partner protocols for engaging and conducting negotiations
    • Deal management – ensure rigorous compliance to agreed terms and deadlines by all parties


    Investment Analysis
    • Oversight of partner analysis and underwriting process of each potential investment prior to any investment approvals including: 
      • Financial performance analysis and modelling
      • Tenant Mix and Rent roll analysis
      • Demographic and Sub-market analysis
      • Site visit and inspection
      • Third party reports

      Final approval of all property purchases between the executive members of Investors, General Partners and Continuum.

      Stakeholder Relationship Development

      Initiate, develop, and maintain cooperative relationships between executive colleagues of key stakeholders.

      Financial Management
      • Audit standard compliance – GAAP to IFRS  
      • Investment and Finance
      • Structuring and Tax optimisation
      • Reporting oversight and compliance
      • Contracting and managing professional support
      • Treasury
      Administrative Management
      • Review of report compilation by analysts and General Partners data-feed with General Partners executive staff to ensure the interests of all investors are aligned.
      • Oversight of analyst database maintenance to ensure viability and benchmark compatibility with offshore investors
      • Oversight of Asset Management
      Oversight of Service Providers

      Maintaining oversight of the company’s Commercial Real Estate service providers to ensure they are operating in accordance with the company’s strategic plan, promoting profitability and growth for the company.


      Promoted by Continuum

      Investment advisory company researched and visited USA as retail property investment destination


      Approached Emira in 2016 with bespoke investment strategy to launch investment in grocer-anchored retail in specific markets within the USA
      2017 - 2019


      July 2017-June 2019, CIL2 under Makin (CEO) and Burrow (CFO) successfully acquired 9 Power Centre assets: - 2 600 000 Square Foot (241,500 m2) GLA - $430M (ZAR 6.6 Billion) in value

      Continuum exits CIL2

      July 2019, Continuum exited CIL2 to form American Continuum (AMCON)


      AMCON consolidates and formalizes its strategic partnerships with leading CRE operators across the USA, with representation in Texas, Ohio, Florida, Georgia and New York.