Median, Resilient set to deliver Shoprite-anchored mall in PH

Median Infrastructure, a Nigerian infrastructure development company with focus on commercial real estate development and its partner Resilient Africa, a South Africa Income Fund manager are set to deliver another world class Shopping Mall anchored by Shoprite in Port Harcourt.

Construction has since began on the site located along Eliozu Road, GRA 3, Port Harcourt and will be delivered in 24 months just as in Warri, Owerri and Asaba. The mall which is expected to cover 10,000 square meter Gross Let- able area will provide ample space for international retailers and local entrepreneurs.

According to Olumide Akinsanya, Chief Executive Officer, Median Infrastructure Development Company Ltd, the new shopping mall is to provide international shopping and entertainment experience for people in Port Harcourt city as well as enhance the infrastructure landscape of the city.

Akinsanya noted that Port Harcourt accommodates a high number of Oil and Gas workers and financial service industry has the potential for retail business profitability, and the project will enhance the infrastructure landscape of the city.

He said the total development cost of the mall is about $ 30million dollars and the project will be funded by Resilient Africa.

Resilient Property Income Fund, has developed and owned dominant decentralised Malls throughout South Africa since 2002 and will now utilise its experience and expertise to develop modern malls with Shoprite as an anchor tenant as well as catering for other well established South African retail brands and established Nigerian retailers, who predominantly represent European brands, together with local city retailers thereby offering the consumer a broad range of products and services, including an entertainment element in a modern retail environment.

All the malls are designed to allow for expansion as and when tenant demand requires thereby ensuring that the mall remains the premier shopping destination in the area.

The property development company, he noted will continue to enter into strategic joint ventures with private and state landowners, thereby sharing their expertise to ensure that a vibrant retail development sector will be established for the benefit of Nigeria as a whole.

Resilient Africa will retain its malls in the long term, with a view to listing the portfolio as a REIT, thereby allowing the broader Nigerian public to participate in the growing retail property segment.

Median Infrastructure in partnership with Resilient Africa has developed Delta Mall, Warri which is currently operational and Owerri Mall, Owerri – Completed and waiting formal opening soon; while Asaba City Mall is at an advanced stage of construction, Benin Mall is at design stage.

CHINWE AGBEZE