Hoping for a high return on investment in other emerging African markets, South Africa’s largest bank plans to spend $59 million building two malls in Kenya, according to a report in VenturesAfrica.
Stanlib, the asset management arm of South Africa-based Liberty Group, said the malls will be financed by its $150 million African Direct Property Development Fund established in May. The Liberty group is 53-percent owned by South Africa’s largest bank, Standard Bank Group.
Previously focused on developing malls in Nigeria, Ghana and Uganda, the property fund is fast-tracking its investment push, opening a regional office in Kenya’s capital city, Nairobi, and employing staff to oversee its operations in the area, the report said.
Each mall will cost $20 million to $30 million, with construction expected to begin in 2015.
“We cannot discuss where exactly they will be but we can say Nairobi and the greater Nairobi region,” said Fund Manager Roberto Ferreira.