South Africa-based private equity group Novare
Equity Partners on Wednesday announced that the second phase of the Novare Twin
Palms mall, in Zambia, has opened for business.
The mall now has 12 000 m2 of
prime retail space.
Twin Palms is situated in capital city Lusaka’s
bustling Salama Park.
The mall currently hosts 40 commercial retail
outlets, which include anchors Shoprite and Woolworths.
Novare said the development of the mall was completed
on time and within the $22.8-billion budget for the two phases.
Three hundred people were employed during the
construction period.
The company said its properties were intended to
meet growing demand for a modern shopping and office experience in African
markets that were among the world’s most under-serviced in terms of commercial
real estate facilities.
Meanwhile, Novare subscribes to Excellence in
Design for Greater Efficiencies certification, which is a green building rating
system for new residential and commercial buildings in emerging markets,
created by the International Finance Corporation.
Other Zambian assets in the Novare portfolio of
properties are Great North, Pinnacle and the Standard Chartered Bank head
office.
Novare is developing the bank’s new head office, also in Lusaka. Construction started in July and the building is set to open in 2020. https://www.engineeringnews.co.za/article/novare-finishes-construction-at-twin-palms-mall-in-zambia-2019-09-04
