Actis, a leading growth markets investor, and Genesis Group (Genesis) have signed an agreement to bring the first premier cinema to Doula. The five screened cinema will add to the leisure and entertainment offering at Douala Grand Mall, a retail-led, mixed-use development, close to Bonapriso in Cameroon’s largest city.
Developed by Actis and local partner Craft Development, Douala Grand Mall will be part of the largest mixed use development in Cameroon with 18,000 square metres of retail and leisure space, anchored by the Genesis cinema and a supermarket. The full development, also including a business park hosting a five-star hotel and corporate offices spaces, will be a landmark touristic spot in the city that reflects the aspirations and dynamism of Douala.
The project, is expected to create over 4,500 jobs using local material and labour and has been granted tax incentives following a convention signed with the Government of the Republic of Cameroon.
Amanda Jean-Baptiste, Partner, Head of West Africa, Real Estate at Actis, said: “It is fantastic to be able to attract regional brands into Cameroon, we are encouraged by the interest already received from retailers and restauranteurs seeking to take up space in the mall, keen to benefit from the growing consumer power.”
Dr. Nnaeto Orazulike, GMD of Genesis Group, added: “We are excited by the prospects of expanding to other West African states after 25 years of leadership in the hospitality and entertainment sector in Nigeria. As one of the leading cinema chains in Nigeria with cinemas in major cities in the country, a West African expansion represents a brilliant opportunity for us particularly with a partner like Actis.”
Actis has a strong presence across Francophone Africa including energy, education and healthcare businesses.
Actis is a leading investor in growth markets, delivering consistent competitive returns, responsibly. It has a growing portfolio of investments across Asia, Africa and Latin America and has raised over US$13bn since inception. The firm invests through insights gained from trusted relationships and local knowledge, deep sector expertise and an unparalleled heritage, set within a culture of active ownership.
Applying developed market disciplines to growth markets, an established team of c. 100 investment professionals in ten countries identify investment opportunities in response to two trends: rising domestic consumption and the need for sustained investment in infrastructure across private equity, energy and real estate asset classes.
Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. Actis targets consistent superior returns across asset classes over the long-term, bringing financial and social benefits to investors, consumers and communities. It calls this the positive power of capital. www.act.is
About Genesis Group
Genesis Group is a leading Hospitality & Entertainment conglomerate with interests in Industrial Catering, Cinemas, Quick Service restaurants, food production, Real Estate, Oil & Gas support services in Nigeria.
Founded in 1991, Genesis is a household name is Nigeria and one of the leading service providers to the Oil & Gas Industry.
About Craft Development
Craft Development is a fast-growing property development company based in Cameroon. Born out of the 25+ year experience of a construction engineer in real estate development and investment in Europe and Africa, the company offers local expertise wrapped in world-class international standards.