Private equity fund Novare Fund Manager, which invests in retail and commercial real estate in sub-Saharan Africa, excluding South Africa, opened over 34 000 m2 of prime retail space over the last two weeks in Nigeria and Mozambique. Novare Gateway – a modern lifestyle centre of 15 000 m2 offering a combination of shops, restaurants and entertainment – opened in Abuja, Nigeria, on November 30, followed by the opening of the 19 500 m2 Novare Matola mall, in Maputo, Mozambique on December 9.
Sub-adviser to Novare Fund Manager Novare Equity Partners CEO Derrick Roper noted that the projects contributed to infrastructure development and sustainable job creation in these countries. Situated on the busy N4 highway connecting Maputo with Nelspruit, in South Africa, Novare Matola is the first formal shopping centre in Maputo’s Matola area and is expected to have an impact on the community, bringing an entirely new retail experience. Developed at a cost of $47-million, Novare Matola is home to 50 stores, anchored by a 6000 m2 Premier Superspar store. The mall has the potential to be expanded to 50 000 m2 during future development phases.
Novare Gateway is located on the main ten-lane highway between Abuja’s Nnamdi Azikiwe International Airport and the central business district. With modern infrastructure and facilities, and Shoprite as the anchor tenant, the centre is well situated to meet the needs of the growing Abuja community. It is the Novare Real Estate Africa portfolio’s largest retail development in Abuja and was developed at a cost of $68-million. The centre also includes a second phase that will in future see another 10 000 m2 added to accommodate 33 more shops.
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