South Africa-based private equity group Novare Equity Partners on Wednesday announced that the second phase of the Novare Twin Palms mall, in Zambia, has opened for business.
The mall now has 12 000 m2 of prime retail space.
Twin Palms is situated in capital city Lusaka’s bustling Salama Park.
The mall currently hosts 40 commercial retail outlets, which include anchors Shoprite and Woolworths.
Novare said the development of the mall was completed on time and within the $22.8-million budget for the two phases.
Three-hundred people were employed during the construction period.
The company said its properties were intended to meet growing demand for a modern shopping and office experience in African markets that were among the world’s most under-serviced in terms of commercial real estate facilities.
Meanwhile, Novare subscribes to Excellence in Design for Greater Efficiencies certification, which is a green building rating system for new residential and commercial buildings in emerging markets, created by the International Finance Corporation.
Other Zambian assets in the Novare portfolio of properties are Great North, Pinnacle and the Standard Chartered Bank head office.
Novare is developing the bank’s new head office, also in Lusaka. Construction started in July and the building is set to open in 2020.