Actis, the UK based private equity business with major interests in Africa which has recently been spun out of CDC, has announced that it has formed a joint venture with Tayo Amusan, a Nigerian property developer to build the US$40 million centre.   Construction is due for completion in November 2005.   These three main retailers will be complimented by over 60 other line shops.

Justin Bass, Actis’s Property Director based in South Africa said,  “The impending development has created a lot of excitement in Lagos. There are not enough sophisticated shopping centres in Lagos and we feel this expansion is long overdue”.

“This has been a dream long in the making, finally the Nigerian people will have access to world class retail in their own country”, says developer Tayo Amusan.  He added “it is the beginning of a new era in retail development in Nigeria and we believe one that will set a standard by which the Nigerian industry will be measured”.

The prime ten acre site is situated on the busy Lekki Expressway in the heart of Victoria Island.  The state of the art design will provide an enclosed and air conditioned mall anchored by Game, who have signed a ten year lease for a 6,200 square metre store.  Similarly, deals have been concluded with Nu Metro Theatres for a six screen cinema complex and with Shoprite Checkers for a 3,300 square metre supermarket.

Named The Palms, the centre will provide a new lifestyle of ‘shoppertainment’ for the people of Lagos.  Seven hundred parking bays have been earmarked to cater for the demand that this centre is going to attract.

Shoprite is upbeat about the opening of its first flagship supermarket in Nigeria.   Says CEO Whitey Basson, “Being situated in Africa, we at Shoprite understand the challenges of the blended developing world economies intimately.   Supporting local suppliers in the countries in which we trade, has nurtured enterprise in Africa, while we are committed to making a difference to millions of people on the Continent.”

Frans Nothnagel, managing director of Game stores says the Lagos venture, their first in West Africa, is another major building block in an ongoing programme to take the popular Game trading format deeper into Africa.   News of Game’s move into Lagos comes at a time when the store chain is about to open a new outlet in Kampala followed by Maputo in November.
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