This financing is to support Novare Africa Property Fund II to acquire, upgrade and expand the Twin Palms Mall, Phase 1 of which was constructed in Salama Park, Lusaka, Zambia. The site consists of one large retailer (anchor tenant) and 23 other shops, and has a current footprint of 7,500 m2 by 4,500sqm GLA. The project will be implemented through a local special purpose vehicle - Twin Palm Shopping Mall Limited (TPSM) - and will be anchored by established South African supermarket chains. The mall has been fully operational since 2014. The Project will consist of a second Phase to be constructed on the undeveloped portion of Farm 378a, located adjacent to the existing mall and parking area. The expansion area is land zoned for commercial development of 180m x 100m, which constitutes: an open field, a gravel access road to the existing mall’s delivery yard; three shipping containers (storage of mall equipment and stock), and a perimeter fence.
The project sponsor is NAPF II, a US$351 million real estate fund focused on commercial property development in Sub-Saharan Africa. NAPF II achieved final close in June 2016. Novare Fund Manager Limited (Mauritius) is the fund manager and Novare Equity Partners (PTY) Limited (South Africa) is the sub-advisor. Novare currently has four projects in Nigeria of which three are operating malls and one is under construction (an office complex with retail). In addition, Novare has a further operating shopping centre in Mozambique. NAPF II has a pipeline of commercial property projects in Nigeria, Zambia, Mozambique and other SSA countries.
Novare Fund Manager Limited
Pieter de Wet
+230 263 3062 or +27 21 914 3944
Suite 510, 5th Floor Barkly Wharf, Le Caudan Waterfront, Port
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