Maseru Mall project, Lesotho
Name and Location
Maseru Mall project, Lesotho.
Client
Eris Property Group, metropolitan Lesotho, Lesotho Public Officer’s Defined Contribution Pension Fund and the CBS Family trust, which represents the king of Leostho.
Project Description
The project involves the construction of a 32 000 m2 retail centre in Lesotho’s capital, Maseru.
The mall forms part of the first phase of a broader mixed-use development that will comprise offices, motor showrooms, a hotel and conference centre, as well as a fuel station – a further 20 000 m2 expansion.
The mall will be anchored by Game, Shoprite, Woolworths and Edgars and will include 850 public parking bays, 79 tenant bays, 60 taxi bays, and a drive-through and several restaurants.
Value
R430-million, which is funded through a combination of equity and bank debt.
Duration
Not stated.
Latest Developments
The project was launched in November 2012.
Nedbank has provided a syndicated development facility and long-term debt funding of R181-million.
Key Contracts and Suppliers
Group Five Lesotho (construction contract) and Nedbank (syndicated development facility and long-term debt funding).
On Budget and on Time?
Not stated.
Contact Details for Project Information
Eris Propert Group, tel +27 11 775 1000 or fax +27 11 775 1001/2/3/4.
Group Five, tel +27 11 806 0111, fax +27 11 803 5520 or
email info@groupfive.co.za.
Nedbank Corporate Property Finance, Ken Reynolds, tel +27 11 294 1649 or
email kenr@nedbank.co.za.
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