Novare Invests $500m in Mall Developments
Real estate investment firm, Novare Real Estate Africa, has so far invested over $500m in the development of malls in Nigeria.
The firm made this known during the announcement of plans to unveil its fourth shopping mall, the Novare Central, Abuja, expected to be opened on July 19, with an exclusive ceremony a day before.
According to the Chairman, Novare Real Estate Africa, Prof Fabian Ajogwu (SAN), Principle Partner at Kenna Partners, the new mall is a mixed use centre, offering a combination of retail shops, restaurants and entertainment centres as well as office spaces to meet the demand for modern commercial infrastructure in the fast-growing Wuse area of Abuja.
Ajogwu said the mall was developed through foreign direct investment of about $54m, and was the firm’s third in Abuja, coming after the Novare Gateway and Novare Apo malls.
He stated, “With a mix of offices and shops, Novare Central is a welcome addition to the Abuja city landscape. The modern architectural dexterity and excellent location of Novare Central have attracted the attention of major retail brands, including Africa’s largest food retailer, Shoprite.
“The other stores in the mall are PEP, Office Everything, Active Leisure, Time Keepers, Kilmanjaro and Miniso, while a growing number of established retail brands and big corporate organisations have also expressed their interest to take up spaces at the centre. 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, an area which continues to witness rapid development and home to various government agencies.”
Ajogwu stated that the company’s investments were an indication of confidence in the Nigerian market, adding that over 5,000 jobs and several indirect employment to local suppliers had been created with huge tax revenue for the government.
According to him, the new mall will complement other commercial developments by the firm, including the Novare Gateway Mall in Abuja, with a second phase of 10,000 square metres to accommodate 33 more shops being planned.
One of the firm’s equity partners, Mr Derrick Roper, said the Novare Central development had support from the Abuja municipal authority, which saw the project as a significant contributor to the development of the area.
He said the firm had plans to move to other cities within the country in the coming years.
SOURCE: Punch, July 9, 2018