Enacy Mapakame Business Reporter
Banking group, Stanbic Bank Zambia, has signed a multi-million dollar loan facility with Vertigo Properties for the completion of a shopping complex — Pinnacle Mall in Lusaka.
The 10 000-square metre shopping mall is expected to be opened by end of March this year, which will make it the second completed project by Novare African Real Estate (Vertigo’s parent company) after Novare Mall.
Stanbic Bank Zambia head of corporate and investment banking Helen Lubamba, said the deal signed with Vertigo was a demonstration of bank’s status as a leader and partner in real estate financing. The latest transaction builds on its previous landmark facilities that financed iconic structures such as Manda Hill, Arcades, East Park and Cosmopolitan malls in Lusaka, Ndola’s Jacaranda and Kafubu malls and Kitwe’s Mukuba Mall.
“As a bank that strives to be an active participant in growing Zambia’s economy, we remain committed to providing solutions to some of the financing challenges that various sectors of the economy are facing in obtaining long-term funding. Stanbic’s investments are designed to facilitate growth in the development of sectors such as mining, agriculture, energy, tourism and infrastructure development because we believe they have a significant impact on driving national GDP forward.
“We are proud to partner with Vertigo and contribute to the construction of another mall in Lusaka. Our deep understanding and expertise in structuring financial solutions has seen us grow as leaders in real estate financing in Zambia,” she said.
Pinnacle Mall will accommodate 40 commercial retail outlets to include a supermarket, food court, entertainment zone, fashion shops, banking services along with a 400-bay car park.
The mall will help expansion of the retail sector while adding to job creation across value chains.
“At Stanbic, we always align ourselves with key sectors of the economy that drive growth thus making the bank a significant and direct contributor to growth in Zambia, our home,” she said.
Stanbic Bank Zambia has to date invested more than US$160 million in real estate development in Zambia. Novare was established in South Africa in 2000 as an investment advisory business to pension funds and has more than $20 billion worth of assets in its portfolio.
Stanbic has branches in many Southern African countries including Zimbabwe.