Garden City Mall, a $250 million (£162.48 million; €230.09 million) project backed by Actis in partnership with CDC Group plc and International Finance Corporation, will open tomorrow in Nairobi, Kenya.
CDC and IFC announced in 2014 to investment $32 million in the project, with $25 million from the former and $7 million from the latter.
Back in 2013, IFC proposed to invest up to $9.8 million in equity and up to $40 million in senior debt to Actis Africa Real Estate Fund II, gaining 53 percent of the project's ownership, according to the IFC Projects Database. Its board-approved investment value was $45.2 million.
This is phase one of the 32-acre mixed-use development near Nairobi's Thika Highway and includes 33,000 square metres of retail space, 76 residential apartments and office space.
“Phase one of the mall is almost fully leased,” Actis director Michael Turner said, “and we're expecting more than 50 percent of our retail tenants to be ready to open with us on the 28th May.”
The second phase of the project will see the expansion of retail and residential spaces and a 25,000 square metre addition of office space, among others. According to a statement, this project is the first mixed-use structure in East Africa with LEED green certification.