Stanbic IBTC, UPDC unveil $50m mall in Lagos
Festival Mall, a new shopping complex in Festac Town, Lagos State, developed by UACN Property Development Company Plc and financed by Stanbic IBTC Bank, under a special vehicle- First Festival Mall Limited, has started operations.
Stanbic IBTC Bank had provided a $9 million bridge facility as part funding to commence the development phase and subsequently refinanced this amount with the provision of a seven-year $25 million medium term loan facility, representing 50 percent of the total project cost.
The mall, owned by UACN Property Development Company Plc, Africa Capital Alliance and UPDC Real Estate Investment Trust, will have Shoprite and Silverbird Cinemas as anchor tenant sand 45 other retailers offering diverse products and services.
The Lagos State Governor, Akin Ambode, who declared Festival Mall open, described the completion of the project as another illustration of where investment meets opportunity to create prosperity for the people.
The Governor, who was represented by his Special Adviser on Commerce and Industry, Benjamin Labinjo, said the mall is a landmark project that will boost the supply chain of retail goods in the state, while bringing development closer to the people.
But the Deputy Managing Director, Stanbic IBTC Bank, Dr. DemolaSogunle, said the bank is delighted to be involved in the landmark project, a continuation of the Standard Bank Group’s tradition of funding crucial developmental projects across Africa, bringing to bear its over 153 years experience and expertise in financial engineering.
Meanwhile, Anambra State Government and African Capital Alliance will in the first quarter of 2016, commission a shopping mall in Onitsha, which has been described as the first of its kind in the state.
The assessed largest commercial and trading centre in South East Nigeria, is expected to witness increased activities as the shopping centre christened Onitsha Mall, debuts.
Already, the facility is at about 95 per cent nearing completion, with Shoprite and a number of big retailers offering fashion accessories, sports equipment, banking services, telecom and ICT software and hardware services secured space in the mall and currently busy fitting out their shops in preparation for the February 2016 opening.
The Real Estate Fund Manager, African Capital Alliance, Obiora Nwogugu, said “the mall will provide ample social, life-style and entertainment facilities for all categories of people. It boasts of adequate security and parking space, thereby making it an ideal place to shop, entertain and meet up with friends and family. We have also placed a premium on the use of modern equipment and methods to ensure the safety of our shoppers”.
The new Onitsha Mall, which is a joint venture project by African Capital Alliance and the Anambra State Government, is located off Awka Road in the GRA part of the city.
The mall has over 60 shops and is easily accessible from all parts of Onitsha and surrounding towns such as Obosi, Oba, Ogbaru, Nsugbe, Nkwelle, Nkpor, Ogidi and Aguleri, to name a few.
Ngonyama Okpanum Associates, an international architectural firm with offices in Abuja, Cape Town and Saigon Vietnam, are the designers of the mall, while the debt funding for the project is being provided by Diamond Bank.
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