Three investors agree to build Lagos shopping mall.
Emerging markets private equity investor Actis has joined forces with two African investors to build a shopping mall in Nigeria.
The firm has partnered with local company Paragon and South Africa’s Rand Merchant Bank (RMB) to finance the US$100mn project in Lagos.
Actis will be the majority owner of the site with a 60% shareholding, while Paragon and RMB will each hold 20% equity stakes.
The firms’ investment was supported by US$48.6mn of debt provided by South Africa's Standard Bank and Nigeria’s Stanbic IBTC Bank.
The mall is to be built on 28,500m2 of land in Ikeja and will house retail outlets, restaurants and a cinema.
Actis’ real estate team has made investments in Nigeria, Tanzania, Kenya, Ghana and Mauritius and counts the Palms shopping mall, Junction Mall and Accra Mall among its deals.
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