Investment interest continues to grow in 2nd tier cities as more developers like Persianas and Resilient Africa are keen on taking advantage of Nigeria’s undersupply of modern retail. Delta Mall, which is set to open this quarter is a 13,980sq. m. shopping center in Effurun, close to Warri, the commercial capital of Delta. It was developed by Resilient Africa for $55m and will include anchor tenants like Shoprite, Mr. Price and Jet.
Resilient Africa, is owned by South Africa’s Resilient Properties, Shoprite and Standard Bank. Created with the main objective of continuing property development through ownership, lease of property or the holding of shares of unlisted companies incorporated in African jurisdictions.
Resilient Africa has other retail projects in Benin, Owerri and Asaba and are creating an attractive portfolio of property assets. Similar to Resilient Properties, which is a listed South African property company, Resilient Africa is keen on and have explicitly expressed interest in listing on the Nigerian stock exchange, however this is subject to the presence of accommodating legislation.