Stanlib bankrolls $50 m Arena Mall
Kampala February 2 – Knight Frank has opened sales for Arena Mall, a new commercial development that is expected to open doors in November 2018 in Kampala’s Nsambya suburb , 2 kilometres south of the Central Business District.
Arena Mall, the first property development backed by Stanlib in Uganda will be a 14,000 square metre shopping centre with supermarkets, retail shops, fashion development stores and a cinema, sitting on a 5 acre piece of land. The project is expected to cost $ 50 million covering the for the cost of the land, construction, financing fees and professional fees.
Stanlib has partnered with city advocate Charles Odere, the founder of Chestnut Uganda who provided the land for the project.
“We see a long term growth trajectory for Uganda, on the back of government spending on infrastructure. Kampala city is experiencing economic and population growth, adding to the need for an increase in formal retail offerings,” said Nnema Byrd, the Stanlib Investment Principal
Byrd added that Uganda’s long-term macro outlook remains positive, with GDP growth expected to reach 5.7 percent by 2018 and it is one of the fastest growing economies in Africa.
Marc Du Toit the Head of Retail at Knight Frank says the choice of Nsambya for the development was influenced by the growing population which forms a healthy base for consumer goods and the area’s strategic location which is a peninsular to other prominent areas.
Knight Frank Uganda Managing Director Ms Judy Rugasira Kyanda described the impending development as an exciting milestone and the realisation of a dream birthed six years ago.
Ground breaking for the mall is expected in two months time with official opening scheduled for November 2018. Seyani Brothers (U) Limited has been selected as the main contractor while Betts Townsend will manage the development and construction of the mall.