Twin Palms Mall (IFC-39410)

  • Zambia
Where the impacts of the investment may be experienced.
Specific Location
Lusaka, Zambia.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 5, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Twin Palm Shopping Mall Limited
The holder of the loan, grant, or other investment.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 24.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 11, 2018

Disclosed by Bank May 30, 2018

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Project Description

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.

Investment Description
Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description

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.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Novare Equity Partners (PTY) Limited Contractor -

Contact Information

Novare Fund Manager Limited 
Pieter de Wet 
Managing Director 
+230 263 3062 or +27 21 914 3944 
Suite 510, 5th Floor Barkly Wharf, Le Caudan Waterfront, Port 


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