Justin Bass, a director in Actis's Johannesburg office, said: "It's the first US-style mall in the country. There's nothing like it."

Actis planned to sell the development, which is known as the Palms, at a profit in two to five years, he said.

Actis has secured tenants for half of the 20 000m2 air-conditioned development, including Game, a retailer owned by Massmart Holdings.

Johnnic Holdings' Nu Metro theatres would operate six cinemas in the mall and Shoprite, Africa's biggest grocery chain, would open an outlet.

Actis was previously part of CDC Group, an investment company owned by the British government, that started in 1948 as the Colonial Development Corporation.

Actis was bought out by its managers earlier this year.

The company had invested about $33 million in office and retail developments in Kenya, Uganda, Tanzania, Zambia and Ghana, Bass said.

It planned to make further property investments in Nigeria and Ghana.

Actis might halve the amount it has invested in the Palms by securing loans from Nigerian or South African banks, Bass said.