Game, Foschini first tenants in Nairobi's new mall

The total investment for the five-year project would be US$150m and it would have a 4645m² 50 000m² retail mall, 500 residences and a 1,6ha park, said Michael Turner, the head of Actis in East Africa.

Actis, which has close to $1,5bn invested in 18 African countries, including SA, is pursuing growth opportunities in emerging markets, targeting Africa, Asia and Latin America.

The company, which has $5bn of funds under management, is focusing on private equity, energy and real estate.

South African companies have identified Kenya - East Africa's largest economy - as market to which they are drawn by a growing urban middle-class consumer market, and the potential to use the country as a hub to expand into neighbouring markets such as Tanzania and Uganda.

Turner said the 13ha mixed-use development on Nairobi's Thika Highway would be home to the largest retail mall in East Africa.

He said the retail mall planned to have a flagship store for Game as one of its anchor tenants, and the Game store would be its first unit to be opened in Kenya.

"Detailed discussions are progressing with other foreign retailers looking to enter the rapidly expanding Kenyan market, such as South African fashion group, Foschini," said Turner. "Groundbreaking will take place in December with completion targeted for May 2014.

"We have been encouraged by the strong demand shown by both local and international retailers who, like us, see Garden City as a landmark destination in Nairobi and the East African region," said Turner.

The first real estate project by Actis was a shopping mall in Nigeria in 2006, followed by the Accra Mall in Ghana in 2008.

FirstRand has not ruled out buying a medium-sized bank to boost its presence in Kenya's highly competitive sector which has more than 40 banks.

Source: Business Day