Actis, a leading private equity investor alongside its project partners – Paragon Holdings and RMB Investments & Advisory have opened the new $100 million Ikeja City Mall housing multinational retail chain Shoprite in the Central Business District, Ikeja, Lagos.
The mall, an initiative of ACTIS which commenced three years ago, in collaboration with the Lagos state government, is a world-class retail and leisure facility comprising 27,000 square metres of gross built area and 23,000 square metres of lettable areas.
The space accommodates nearly 100 shops including Shoprite’s latest generation store of over 4,400 square metres, KFC, Mr. Price, Twice as Nice, Nike and Aldo among others. The design of the mall incorporates informal meeting places, a food hall and a five screen Silverbird cinema. Bounded by access roads on three sides, the mall sitting on a five hectare land, is said to be an ideal environment for convenient parking and shopping.
While declaring it open, the Lagos State Governor, Babatunde Fashola, SAN, said that the mall will restore Ikeja back to its rightful place as the retail heart of Lagos. According to the Governor, the mall provides an inspiring vision of what can be achieved through collaboration between partners, regulators, government officials and tenants. “Ikeja City Mall brings world-class retail and leisure facilities. I am excited to see my fellow citizens in the mall today, relaxing and having fun.
Fashola expressed his gratitude to Actis for meeting the three years target as conceived at inception. He says the construction of what has come to be the biggest mall will also provide not less than a thousand jobs to Nigerian youths in Lagos.
Ngozi Edozien, Chief Executive, Actis, sees the new mall as an avenue to develop the state and Nigeria in general as Actis believes Ikeja Shopping Mall heralds the next step in West Africa’s retail and leisure revolution. The group sums the potential customers living and working within an 8km radius of the site in the region of 3.9 million people. This will enhance good sales and directly provide a permanent job for nine hundred people.
Actis, a leading equity firm investor, invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa, and Latin America. It has close to US 1.5 Billion dollar invested in 18 African countries and 32 investments. {jcomments on}
Facebook Comments
