Shoprite Holdings Ltd. (SHP) and Resilient Property Income Fund Ltd. plan to spend more than 1 billion rand ($125 million) building 10 shopping malls in Nigeria, the Financial Mail said, citing Resilient’s Chief Executive Officer Des de Beer.
The malls, 10,000 square meters (108,000 square feet) and 15,000 square meters in size, will be built over the next three years in the capital, Abuja, and the city of Lagos, the main commercial hub, said the Johannesburg-based weekly magazine. Shoprite, Africa’s largest food retailer, will be the major tenant.
Standard Bank Group Ltd. (SBK), Africa’s biggest lender, and construction company Group Five Ltd. (GRF) are also partners in the deal, the FM said. Johannesburg-based Resilient is a South African real-estate investment company with a market capitalization of 11 billion rand.
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