If you drive past the site for the grand towers Abuja shopping mall, you will notice alot of activity. The annoucment was made recently of the plan to construct a major shopping mall in Abuja, Judging fro other examples I have seen across Africa particularly Johanesburg , Lusaka and Accra this promises to be full of potential.
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Grand Towers Plc has signed a contract of N2.9 billion with the Italian DTV Construction Company for the construction of the Abuja Shopping Mall.
The chairman of grand towers plc, Nze Chidi Duru and Managing Director of DTV, Mr. Piercano Bocciochio, both signed the contract agreement on behalf of their respective organisations at Grand Towers head office, Maitama Abuja.
Grand Tower plc has earlier declared that the company has so far generated N100b for investment in Nigeria during the facility visit to the site of the Abuja mall recently.
Speaking during the signing of the contract, Nze said they are happy to have pioneered a life changing experience in Abuja and to have great partners like Novare who have worked day and night to make the Grand Towers Abuja Mall a reality.
Nze said they had partnered with a leading specialist emerging market financial services company, Novare in South Africa to manage the Grand Towers Africa Fund and also partnered with Broll Nigeria, Group Five, Stanbic IBTC and shoprite.
“The Grand Towers Abuja Mall has been designed to offer a vibrant, convenient and safe shopping experience on level, and incorporates green building principles which are a first for Nigeria.The project is developed and financed by Grand Towers Plc and Grand Towers Africa Fund, which is managed by Novare,” he commented.
Derrick Roper, CEO, Novare, said they are proud to be associated with the new development, saying that Grand Towers Africa Property Fund focused on retail developments with reputable anchor tenants.
He said, “The fund’s first phase of investments is in West Africa, leveraging off the African expansion strategies of key South African and international companies. The fund aims for US dollar returns of 25% a year and we look forward to The Grand Towers Abuja Mall contributing to the achievement of that objective”.
Shoprite according to Nze will be the anchor food tenant at the mall, adding that the mall will also be home to a variety of international, national and local stores. “The mall’s retail mix includes fashion, speciality, electronics, sports equipment, furniture, home improvement, entertainment, health and beauty, food and banks. The centre will have in excess of 400 parking bays,” he concluded.
Update- 29th January
(Source: All Africa)
FCT Minister, Senator Bala A. Muhammed, has hailed Grand Towers Plc for its Grand Towers Abuja mall's project, which will kick off soon in the capital city.
The minister who was represented by Ibrahim Habu Sule, his senior special assistant on finance and economic matters, noted that the project will tremendously transform the shopping culture of residents in the city as well as reduce poverty and unemployment.
He said the project will give FCT residents options to shop for high quality variety products which will prevent many of them from travelling abroad thereby saving foreign exchange and time.
While reiterating government's effort to tackle infrastructural challenges in the country, the minister said the present administration will partner with serious minded developers who are interested in investing in the city.
He said FCTA has directed the department of development control to ensure that the grand towers comply strictly with regulations guiding land use in its construction of the mall. Mr. Jan Van Zyl, business development manager of Shoprite, the anchor tenant of the mall, said they are proud to be part of the project.
Grand Tower African Property Fund, Novare South Africa with Stanbic IBTC, DTV and Group 5 as partners, generated $100m for investment in West Africa with Nigeria as the primary focus and Abuja considered as the first beneficiaries of the fund.
