As part of its real estate development plan for sub Saharan Africa, particularly Nigeria, Actis, a leading private equity investor, has entered into a strategic partnership with Duval Properties for the development of Jabi Lake Mall in Abuja.
Construction is expected to commence in June 2013 after all the necessary government approvals.
The new retail centre will offer 30,000 square metres of grade-A shopping space from a prime location on the shores of Jabi Lake. The mall is expected to be anchored by Shoprite and Game, providing a one-stop leisure, restaurant and retail destination just 10 minutes drive from the city’s business centre.
Jabi Lake Mall follows the success of other Actis malls in Nigeria, namely The Palms and Ikeja City Mall in Lagos.
Actis Head of Real Estate, David Morley said: “Actis is delighted to partner with Duval Properties and to move closer to delivering a top quality shopping experience to the citizens of Abuja.
The Nigerian capital boasts of strong population growth fundamentals, a robust infrastructure, and a thriving consumer class; drawing on our extensive track record in West Africa, we feel optimistic about what we can achieve here.”
Hakeem Belo Osagie, Chairman of Duval Properties, said, “Duval’s vision for Jabi Lake is to create a vibrant, mixed-use water-font community that is Abuja’s best place to live, work, and relax. Our partnership with Actis to build a waterfront mall is an exciting first step toward achieving this vision.”
Charles Russell (UK) and F.O. Akinrele & Co. (Nigeria) acted as legal advisors to Actis. Udo Udoma & Belo-Osagie (Nigeria) and SNR Denton (UK) and McCabe & Partners (Mauritius) acted as legal financial advisors to Duval respectively.
Since 2006, Actis has developed 10 institutional quality assets in five countries in sub-Saharan Africa including The Junction in Nairobi, and Accra Mall in Accra.