With retail sector thriving in Nigerian cities, Novare Africa Real Estate Africa has announced plans to open a $68 million new mall in the Federal Capital Territory (FCT) known as Novare Gateway Abuja.
Novare Gateway is Novare Real Estate Africa’s third retail and commercial development in Nigeria and to date their largest in Abuja. The center was developed at a cost of $68 million and includes a second phase that will in future see another 10,000 square meters added to accommodate 33 more shops.
Located on the main 10-lane highway between Abuja’s Nnamdi Azikiwe International Airport and the central business district, and with modern infrastructure and facilities, Novare Gateway is perfectly situated to meet the needs of the growing Abuja community.
According to Novare Real Estate Africa, the mall has a combination of shops, restaurants, and entertainment,” the Novare Gateway Mall sits on 15,000 square meters of space, accommodating 60 stores, and with the capacity to park over 600 cars. There is also provision for a second phase development, which will see another 10,000 square meters added to accommodate 33 more shops.
The mall, which will be open to the public on Thursday, incorporates 15 000 square meters of space occupied by 60 stores, and conveniently situated with parking for over 600 cars. It has occupancy rate of between 50 – 60 percent with Shoprite as the anchor tenant, that includes international and local brands covering fashion and fashion accessories, restaurants, electronics, health and beauty, furniture, home improvement, telecommunication, entertainment, cinemas, as well as banks,
The investments managed by Novare Fund Manager, a private equity fund manager with a strong track record of managing investments in the real estate sector, both retail and commercial, exclusively in sub-Saharan Africa outside of South Africa, are funded predominantly by South African pension funds.
According to him, the investment was the indication of strong interest by international and local investors on the existing retail market.
He, however, urged the federal government to do more in the ease of doing business, stressing that of the four years lifespan of the project, real construction took only 18 months, while land acquisition and other documentation took the larger churn of the four years programme.
For the Managing Director of Novare Real Estate Africa, Jan van Zyl, the investments represent the company strong interest in Nigeria’s formalized retail market which is comparative to others in the world.
“Novare has built a team with unrivaled expertise in investment management, property development, and facility management. Our ability to successfully develop and manage modern retail and commercial facilities is based on a hands-on approach and on-the-ground presence that ensures that we deliver for tenants and investors”., he added.