Stanbic Bank funds construction of multimillion-dollar shopping mall in Lusaka
Lusaka, Zambia – Stanbic Bank Zambia and Vertigo Properties Ltd – a subsidiary of Novare African Real Estate Fund – have completed signed a multimillion-dollar loan facility to complete construction of a 10,000 square metre shopping mall in Lusaka’s Woodlands area.
Novare was established in South Africa in 2000 as an investment advisory business to pension funds and has more than $20 billion worth of assets in its portfolio.
The highly anticipated opening of the ultra-modern shopping centre – Pinnacle Mall – is set for the end of March 2019. This will be Novare’s second completed project after Novare Mall along Great North Road.
Stanbic Bank Zambia Head of Corporate and Investment Banking Helen Lubamba said the deal signed with Vertigo demonstrated the bank’s status as a leader and reliable partner in real estate financing. The latest transaction builds on its previous landmark facilities that financed iconic structures such as Manda Hill, Arcades, East Park and Cosmopolitan malls in Lusaka, Ndola’s Jacaranda and Kafubu malls and Kitwe’s Mukuba Mall.
“As a bank that strives to be an active participant in growing Zambia’s economy, we remain committed to providing solutions to some of the financing challenges that various sectors of the economy are facing in obtaining long-term funding,” she said.
“Stanbic’s investments are designed to facilitate growth in the development of sectors such as mining, agriculture, energy, tourism and infrastructure development because we believe they have a significant impact on driving national GDP forward,” she added.
“We are proud to partner with Vertigo and contribute to the construction of another mall in Lusaka. Our deep understanding and expertise in structuring financial solutions has seen us grow as leaders in real estate financing in Zambia.”
Pinnacle Mall will accommodate 40 commercial retail outlets to include a supermarket, food court, entertainment zone, fashion shops, banking services along with a 400-bay car park.
The mall will bring with it the downstream advantages of supporting expansion of retail trade in the country, which will further create job opportunities in the value chain.
“At Stanbic, we always align ourselves with key sectors of the economy that drive growth thus making the bank a significant and direct contributor to growth in Zambia, our home,” she concluded.
Stanbic Bank Zambia has to date invested more than US$160 million in real estate development in Zambia.