Actis, an international
private equity fund focused on emerging markets, on Friday announced a US$96
million mall investment in Maputo city.The Baia Mall, on Av.
Marginal, will have a total area of 30,000 m2 and include a hotel, more than
100 shops and restaurants, a service area and more than 900 parking spaces. It
is hoped that the project will ultimately create more than 2,500 jobs.The Baia Mall project is
promoted by ATCM (Automobile & Touring Clube de Moçambique) in partnership
with private equity company Actis and RPP Developments.
Actis has a portfolio of more
than 200 projects in 44 countries around the world, totaling US$9 billion of
invested capital. Since 2004, Actis has invested in 11 real estate projects in
seven Sub-Saharan African countries, and has extensive experience in the
development of commercial spaces in Africa such as The Junction Shopping Mall in
Nairobi.In 2006, Actis invested in the
construction of Nigeria’s first shopping center, The Palms, followed in 2008 by
the construction of Ghana’s most up-to-date commercial and leisure space, the
Accra Mall. In 2012, Actis invested in the construction of the largest
commercial space in Kenya Garden City.
The Baia Mall will be Actis’s
first investment in Mozambique. For Louis Deppe of Actis East Africa Real
Estate, “we have long seen Mozambique as a strategic market looking for good
investment opportunities, since we believe in the country. The Baia Mall
represents a large-scale, international-level project which responds to market
needs. We will shortly announce more new investments in Mozambique”.Actis’s investments in
Mozambique are being developed in partnership with Source Capital, a private
equity ’boutique’ operating locally.
The mall will feature retail
brands such as Super Spar, Game and Woolworths. Negotiations are under way with
major national and international brands wishing to enter the Mozambican market.
At present, more than 50 percent of the commercial space is already leased in a
process that is being managed by reference real estate brokerage companies such
as Foundation Capital, Broll and JLL.The construction of the
shopping center is already under way, with more than 600 workers currently
involved. Completion is scheduled for the end of 2017.
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