Actis has invested an undisclosed amount in the building of Kenya-based shopping complex, Garden City.
The investor has backed the mall on expectation of strong demand from both local and global retailers. The retail mall will include a flagship store for Game – the first in Kenya. South-Africa based fashion group Foschini is also considering opening a store in the mall. The complex is set to be opened in May 2014.
“Garden City offers a rare opportunity to create a large scale, world-class development directly serving the needs of Kenyan businesses, homeowners and shoppers,” said Michael Turner, Actis head of East Africa.
Based in Nairobi, Garden City will be a 50,000 sqm retail mall that incorporates commercial premises, 500 new homes and a four acre central park. The complex will also house an outdoor events arena for concerts and shows. The construction will be led by Nairobi-based Mentor Management.
