Novare Africa’s total investment rises to USD$130 million as Stanbic Zambia’s real estate financing tab pierces the K2 billion mark
Vertigo Properties Limited, a subsidiary of Mauritian domiciled real estate development fund Novare Africa Property Fund II on 29 March unveiled its latest development called Pinnacle mall. This is situated on corner of Chindo and Mutende roads, in the up class market and suburb area of Africa’s copper producer, Zambia. This development totals the company’s investment in the Zambian real estate market to USD$130 million adding to the already existing 2 malls and a soon to be completed office park.
The unveiling of the property development is not only an actualization of Novares strategy towards real estate investment in sub Saharan Africa (SSA) but is a home rum score for Zambia’s largest property financier by asset size, Stanbic Bank. Booking of Pinnacle Mall to the stock of Vertigo’s assets simultaneously clocked Stanbic total investment in the Zambian real estate market to K2 billion to retain its position as the largest financier of the property sector in Zambia.
During the construction phase alone, the mall created over 350 jobs and we expect it to create far more employment opportunities at full operational capacity.
Novare Real Estate Holdings Chief Executive Officer Mr. Olaotse Leepile
Ministry of Commerce Trade and Industry Permanent Secretary, Mrs Kayula Siame said the government was excited to partner with an investor like Novare due to the benefits their investment would bring to local communities and the economy.
“We realize that in the investment that Novare has made, we have a lot of backward and forward linkages that enable inclusion of local producers in the economy while also creating employment for locals,” she said.
Stanbic Bank has been part of Zambia’s fabric for over 63 years and our foundation is deeply entrenched in the country’s development aspirations, which infrastructure investments like Pinnacle mall represent. We have aligned our business to support key economic sectors like mining, agriculture, energy and real estate and contribute to Zambia’s growth agenda.
Executive Director for Corporate and Investment Banking Helen Lubamba
“Our deep understanding and expertise in structuring financial solutions has seen us grow as leaders in funding important growth sectors of the economy not only in Zambia but on the continent.”
Pinnacle Mall is the eighth shopping mall in Zambia to be funded by Stanbic Bank. This adds to the list of key malls such as Manda Hill, Arcades, East Park and Cosmopolitan (in Lusaka), Jacaranda and Kafubu (in Ndola) and Mukuba in Kitwe. This bring the bank’s total investment in real estate to more than K2 billion in the Zambian market.
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