Equity firm invests in East Africa’s largest shopping destination

shoppingPrivate equity firm Actis has confirmed that its next real estate investment will be in Garden City, a 32-acre development off Nairobi's Thika Highway

The project will house the largest retail mall in East Africa. In addition to a 60,000 sq ft retail mall, Garden City will accommodate other commercial premises, 500 residential flats and a four-acre park.

The retail mall intends to include a flagship store for Game. Detailed discussions are in progress with other foreign retailers looking to enter the rapidly-expanding Kenyan market, such as South African fashion group Foschini.

Groundbreaking for the project will take place in December 2012 and the development is expected to be completed by May 2014.

Actis head of East Africa Michael Turner said, “Garden City offers a rare opportunity to create a large scale, world-class development directly serving the needs of Kenyan businesses, homeowners and shoppers. We have been encouraged by the strong demand shown by both local and international retailers who, like us, see Garden City as a landmark destination in Nairobi and the East African region.”

The site has been chosen in a way so that it benefits from access off Thika Highway, East Africa’s busiest road, which has recently been expanded from a four-lane to an eight-lane highway.

The construction of Garden City will be led by Nairobi-based Mentor Management, a team of international and local experts working in real estate development and project management.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?