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SOCIETY, BUSINESS and ECONOMY => BUSINESS and ECONOMY => Topic started by: cooljoe on August 29, 2016, 06:10:28 AM

Title: Asaba Mall Gets November Opening Date
Post by: cooljoe on August 29, 2016, 06:10:28 AM
A retail property development firm, Resilient Africa, says its Asaba Mall will be opened to the public by mid-November.

Asaba Mall is Resilient Africa?s third development following the take-off of Delta Mall in Warri and Owerri Mall in Imo State.

The Managing Director, Resilient Africa, a company owned by Resilient REIT Limited and Shoprite Holdings Limited, Eddie Macdonald, said the firm was interested in developing malls in second-tier cities across the country rather than the major cities of Lagos, Port Harcourt and Abuja.


 
?Focusing on second-tier cities has helped to grow local retailers, the retail tenant pull is still very shallow and it is a challenge finding space for retail in densely populated areas in Nigeria,? he said.

He said the development had gulped about $45m, adding that rents in the mall rather than in dollars, would be made in naira at the prevailing market naira equivalent.

?We are investing with dollars in Nigeria; all our resources are imported, not from local sources,? he said.

According to him, Shoprite will be the anchor tenant for the 9,000 square metreAsaba Mall with about 36 other shops provided for banks, restaurants, telecommunication companies, clothing stores, pharmacies and cinemas, among others.

Macdonald added that the mall was a joint venture between Resilient Africa and Baysol Development with the support of the Delta State Government while Broll Nigeria was the leasing company.

He said cities in the development pipeline included Uyo and Benin City.