Actis sells stake in The Palms

Proshare

December 11, 2007/Punch

 

Actis, a leading private equity investor in emerging markets, announced this week that it had realised its investment in The Palms Mall in Lagos, the path-breaking shopping centre development in Nigeria.

 

Actis has sold its majority ownership stake to its Nigerian partner, property developer, Mr. Tayo Amusan.

 

The 25,000 Square metre Palms Shopping Centre, which was developed in joint venture between Actis and Amusan at a cost of over $40m, opened in late 2005.

 

It was the first ever international-standard diversified retail mall in Nigeria, and has become a famous landmark and destination both for Lagosians and visitors.

 

Commenting on the development, Amusan said, ”Actis has been an invaluable investment partner. The team‘s expertise in these transactions and their extensive international network has added enormous value to the development.

 

“Actis‘s pan-African relationships enabled us to attract anchor tenants, including general store, supermarket and cinema chains from South Africa .

 

“With Actis‘s pioneering support, I have realised my dream of providing Nigeria with a world-class shopping centre development.”

 

No mention was made of how much Amusan paid to buy Actis out.

 

Michael Williams, the Africa real estate fund manager for Actis, said ”the company has realised its primary objectives with the high quality development and successful inauguration of The Palms.

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