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$68m Novare Mall Begins Operation in Abuja
By Kenna Partners
Source: The Nation, Muyiwa Luca – Nov. 30, 2017
Nigeria's mall segment of the real estate sector has continued to thrive, notwithstanding the supposed downturn in the industry. This position is further buttressed with the investment of $68 million in the development of Novare Gateway Mall in Abuja.
The mall, from the stable of Novare Real Estate Africa, which is being inaugurated today, is the third of such retail and commercial development in the country, and it is the firm's largest in Abuja.
Other malls in Abuja owned by Novare Real Estate Africa include the 8, 267 square metre Novare Apo Mall, located about 18km from Novare Gateway to the southeast of Abuja. Similarly, in Abuja Novare is developing a 12,508-square metre Novare Central Office park- a mix-use centre consisting retail space and A-grade offices.
Described as a "modern lifestyle centre offering an enticing combination of shops, restaurants and entertainment," the Novare Gateway Mall sits on 15,000 square metres of space, accommodating 60 stores, and with the capacity to park over 600 cars. There is also provision for a second phase development, which will see another 10,000 square metres added to accommodate 33 more shops.
Located on main 10-lane highway between the Nnamdi Azikiwe International Airport, and the Central Business District (CBD), Novare Gateway can be said to be perfectly situated to meet the needs of the growing Abuja community.
With Shoprite as the anchor, the mall's tenant mix includes international and local brands, covering fashion and accessories, restaurants, electronics, health and beauty, furniture, home improvement, telecommunication, entertainment, cinemas, as well as banks and ATMs.
Novare Real Estate Africa Chairman Prof Fabian Ajogwu (SAN), in a chat with The Nation prior to today's inauguration, said the Novare Gateway Mall "transcends the over $68 million of foreign direct investments and will create over 5,000 jobs through direct and indirect employment from the development stage to completion and commencement of operation."
He explained that the investment has shown the firm's belief in the economy. For him, it is a wise investor that prepares ahead of the market, which he said is exactly what his Group is doing in the Nigerian economy.
Ajogwu said the inauguration of its third mall in Abuja is a strategic marketing decision considering that some "areas have too many malls servicing them at the expense of some other areas."
This strategic marketing positioning of its malls, Ajogwu further revealed, accounted for why its numerous clients go with them wherever they locate their facility. "Our clients (tenants) know we cannot be wrong in our choice of location. They know that we would have done thorough market research before we site our mall anywhere, which they know also translates to good market for their business; this is one reason why they go with us anywhere we go," he said.
Novare Real Estate Africa Managing Director, Mr. Jan van Zyl, thanked the firm's partners and associates in the country for making the development a reality. Novare, he explained, has built a team with unrivalled expertise in investment management, property development and facility management.
"Our ability to successfully develop and manage modern retail and commercial facilities is based on a hands-on approach and on-the-ground presence that ensures that we deliver for tenants and investors," van Zyl said.
Novare Equity Partners Chief Executive, Mr. Derrick Roper, in a similar vein, expressed satisfaction with the project completion and inauguration. "We're very proud to have completed Novare Gateway. This is our largest project so far in Abuja, contributing to infrastructure development, sustainable job creation, trade and consumer demand for a modern shopping experience," he remarked.
In Lagos, the group developed the 22, 000 square metre Novare Lekki Mall, which commenced trading in August 2016. Novare Lekki was awarded Real Estate Deal of the Year by the Lagos Chamber of Commerce and Industry (LCCI) at its 2016 commerce and industry awards last July.
Novare Equity Partners is the sub-advisor to the group, tasked with sourcing and presenting new development opportunities to the management of the Novare Africa Property Funds. With a strong on-the-ground presence in all countries, where the funds invest, it has managed to source some of the most exciting new development opportunities across the sub-continent.
Novare Fund Manager is a private equity fund manager, managing investments in the real estate sector, both retail and commercial, exclusively in sub-Saharan Africa outside of South Africa. It manages the Novare Africa Property Fund I and II, domiciled in Mauritius and funded predominantly by South African pension funds. The group has a seven-year track record of successful real estate development in retail and commercial property in sub-Saharan Africa outside of South Africa.
Source: The Nation | Muyiwa Luca – Nov. 30, 2017
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