March 24, 2017

IFC Mulls Financing Package for Novare’s First Zambian Retail Project

Dolapo Omidire

The IFC is currently mulling a financing package to Woodside Mall Zambia Limited, the Zambian Project SPV that has been registered by the Novare African Property Fund II to develop the Great North Mall.

The funding package includes a US$4.5 million loan for IFC’s own account and a syndication of US$4.5 million from a parallel lender to support the USD $27 million, 9,844 m2 GLA Great North Mall Project. Situated close to the famous Heroes Stadium, Novare Great North will cater to a previously underserved region of Lusaka.

Great North Mall, Zambia. Novare
Map – Great North Mall, Lusaka – Zambia. Novare

According to Novare, the mall will be developed in two phases, where Phase 1 of the Novare Great North mall will see the completion of c. 10,000m2 and is set to open in the second quarter of 2018. Phase two will see a further 7,500m2 of gross lettable floor space becoming available, however the date of completion of the second phase has not yet been confirmed.

Great North Mall, Lusaka - Zambia. Novare
Great North Mall, Lusaka – Zambia. Novare
Great North Mall, Lusaka - Zambia. Novare
Great North Mall, Lusaka – Zambia. Novare
Great North Mall, Lusaka - Zambia. Novare
Great North Mall, Lusaka – Zambia. Novare

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