Novare injects $500 million in retail projects
Encouraged by successes recorded in its investments, Novare Real Estate Africa has revealed plans to unveil its fourth shopping mall in Nigeria, known as the Novare Central, Abuja.
The project, expected to be opened next week, with an exclusive cutting ceremony a day before, brings to $500 million all investment by the firm to mall development in Nigeria.
According to the firm, the new $54million mall, developed through foreign direct investment, is its third in Abuja, having opened the Novare Gateway and Novare Apo Malls earlier.
The latest development, a mixed use centre, which offers a retail combination of shops, restaurants and entertainment centre as well as first rate office spaces, the firm said, is aimed at meeting the demand for modern commercial infrastructure in the fast-growing Wuse area of the Nigeria’ capital, Abuja.
Chairman, Novare Real Estate Africa, Prof. Fabian Ajogwu, said the injection of the money was an indication of confidence on the Nigeria’s real estate market, which has created 5,000 jobs and several indirect employment to local suppliers as well as tax revenue for the government.
Novare Central compliments other commercial development executed by Novare Real Estate Africa, which include the Novare Gateway Mall in Abuja, developed at a cost of $68 million with a second phase that will in future see another 10,000square metres added to accommodate 33 more line shops.
The firm also developed the 8,267 square metre Novare Apo mall, which is located at about 18 Kilometres from the Novare Gateway mall to the South-east of Abuja, while in Lagos, the property consortium equally developed the 22,000 square metre Novare Lekki mall, the largest mall in Lagos, which opened in August 2016.
“ With a mix of offices and shops, Novare Central , he said , is a welcome addition to the Abuja city landscape.
“The modern architectural dexterity and excellent location of Novare Central has attracted the attention of major retail brands , including Africa’s largest food retailers, Shoprite, other stores in the centrte including PEP.
Office Everything, Active Leisure, Time keepers, Kilmanjaro and Miniso with a growing number of established retail brands and big corporates expressing their interest to take up space at the centre”, he added.
He added that the mall, which incorporates 7, 178 square metres of space on the ground floor with A-grade offices occupying three floors is strategically located within the central business district of Abuja.
The area has continued to witness rapid development in the Federal capital Territory and home to various government departments such as the Foreign Affairs Ministry, the Wuse General Hospital and the Nigerian Custom Services.
The success of the Novare Central, it was learnt, is largely attributed to the dynamic board of the company led by Ajogwu, the innovative leadership of the Group Chief Executive Officer, Novare Equity Partners, Mr Derrick Roper and the excellent execution of the in country management team led by Jan van Zyl, which has resulted in the successful completion of the world class centre built to the highest international standards within record time and budget.
Speaking , Roper noted that the Novare Central development enjoyed great support from the Abuja municpality, which views the project as a significant contributor to the advancement of the city land scape and economic development.
Novare Equity Partners, investing through Novare Real Estate Africa has well over a decade of track record of real estate development in sub-Saharan Africa.
The group attributes its ability to successfully develop and manage modern retail and commercial facilities to its hand-on approach and on-the- ground presence in the countries where it operates.
The firm plans to move to other cities, with the encouragement of governments having built Lagos’ largest mall, known as Novare Lekki, and three in Abuja.