VENTURES AFRICA – Retail giants Foschini and Game are South Africa’s first companies to secure places at the proposed Nairobi multipurpose Garden City shopping and residential complex, a project that is being funded by private equity group Actis.
The 5-year project is expected to cost its investors about $150 million. On completion, it would have a 4645m² retail mall, 500 residences and a 1.6 hectares park as disclosed by Michael Turner, the head of Actis in East Africa.
According to him, the 13-hectares mixed-use development on Nairobi’s Thika Highway will be East Africa’s largest retail mall.
“Detailed discussions are progressing with other foreign retailers looking to enter the rapidly expanding Kenyan market, such as South African fashion group, Foschini,” said Mr Turner.
Furthermore, Game will have a flagship store which is expected to be the retailer’s first unit in Kenya.
The project’s groundbreaking ceremony has been slated to take place in December while the project is expected to be completed in May 2014.