The Palms is the first centre of its kind in the country in terms ofa modern US- or South African-styled mall and will be anchored by Game,Shoprite Checkers and Nu Metro.

UK-based private equity business Actis, which has major interests in Africa, has announced that it has formed a joint venture with Tayo Amusan,a Nigerian property developer, to build the centre.

Construction is due for completion next November. The three main retailers will be complemented by more than 60 line shops.

Actis's SA-based property director, Justin Bass, says construction on the shopping centre started at the end of April.

One of the reasons for the decision to develop in Lagos was that there were major opportunities for local retailers in Lagos and for Nigerianretailers wanting to trade out of a modern retail facility alongside anchortenants.

The development is situated on the Lekki Expressway on Victoria Island.

Bass says there are not enough sophisticated shopping centres in Lagos and he feels the expansion is long overdue.

Game has signed a 10-year lease for a 6 200m² store, while similar deals have been concluded with Nu Metro theatres for a six-screen cinema complex and with retailers Shoprite Checkers for a 3 300m² supermarket.

Bass says Actis has been involved in a number of developments in other African countries. It is also involved in future projects.

He says the company hopes soon to start construction on a shopping centre in Accra, Ghana. The centre will be similar in size to the Lagos development.

Actis also completed office developments in Tanzania and Kenya over the past two years.