Construction starts on Cameroon’s first destination retail mall
Developed by Actis and local partner Craft Development, Douala Grand Mall will comprise of 18,000 square metres of retail and leisure space
Actis is thrilled to reach this key milestone in delivering Cameroon’s first destination retail mall
Actis (www.Act.is), a leading growth markets investor has started construction on “Douala Grand Mall & Business Park”, Cameroon’s first destination retail & leisure mall.
Developed by Actis and local partner Craft Development, Douala Grand Mall will comprise of 18,000 square metres of retail and leisure space, close to Bonapriso in Cameroon’s largest city. The mall will include multiple restaurants, a children’s play zone, a five screen cinema, a supermarket and retail shops. The Mall is Phase 1 of the development which also includes a business park hosting a hotel and corporate offices spaces.
To continue its strategic roll-out in modern trade, CFAO the international group specialised in distribution in Africa, has signed an agreement to set up and operate a Carrefour Market in the shopping mall and the leading Hospitality & Entertainment conglomerate Genesis Group is the cinema anchor.
The South African contractor, Raubex has been appointed as the general contractor and is now mobilised on site. A formal ground-breaking will take place mid-2018. The project is expected to create over 4,500 jobs using local material and labour and has been granted tax incentives following a convention signed with the Government of the Republic of Cameroon.
Amanda Jean-Baptiste, Partner, Head of West Africa, Real Estate at Actis, said: “Actis is thrilled to reach this key milestone in delivering Cameroon’s first destination retail mall; anchored by two flagship brands seeking to benefit from the growing consumer power. The Mall will make a significant contribution to job creation and other economic indicators in the Cameroonian economy.”
Mathurin Jidjouc Kamdem CEO of Craft Development added: this is a landmark project that will provide the vibrant city of Douala with one of its biggest international standard mixed-used development, with over 4,500 jobs created in both the construction and the operation phases.
Actis is also invested in the electricity sector in Cameroon. In partnership with the government Actis holds a majority interest in the country’s electricity utility, Eneo. Actis is in advanced discussions with the Government to facilitate further significant investment into the energy sector to continue to expand the electricity grid and improve the quality of supply. Actis has also established Honoris United Universities, a pan-African higher education business which brings together the most prestigious universities, Actis also has a strong presence across the wider Francophone Africa region including energy, education and healthcare businesses.
Distributed by APO Group on behalf of Actis.
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Actis (www.Act.is) is a leading investor in growth markets, delivering consistent competitive returns, responsibly. It has a growing portfolio of investments across Asia, Africa and Latin America and has raised over US$13bn since inception.
The firm invests through insights gained from trusted relationships and local knowledge, deep sector expertise and an unparalleled heritage, set within a culture of active ownership.
Applying developed market disciplines to growth markets, an established team of c. 100 investment professionals in ten countries identify investment opportunities in response to two trends: rising domestic consumption and the need for sustained investment in infrastructure across private equity, energy and real estate asset classes.
With these announcements Actis has further established a long term commitment to Francophone Africa. Actis is also invested in the electricity sector in Cameroon. In partnership with the government Actis holds a majority interest in the country’s electricity utility, Eneo. Actis is in advanced discussions with the Government to facilitate further significant investment into the energy sector to continue to expand the electricity grid and improve the quality of supply. Actis has also established Honoris United Universities, a pan-African higher education business which brings together the most prestigious universities in Tunisia and Morocco with other market leading institutions across Sub-Saharan Africa. Actis has also invested in Médis a prominent branded generic pharmaceuticals business in Tunisia and Algeria recently expanding operations to Senegal.
Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. Actis targets consistent superior returns across asset classes over the long-term, bringing financial and social benefits to investors, consumers and communities. It calls this the positive power of capital.
CFAO (www.CFAOgroup.com) is a key player in specialised distribution in Africa and in French overseas territories, and is a partner of choice for major international brands. The Group is a market leader in automotive and pharmaceutical distribution, and continues to grow in consumer goods and new technologies. CFAO has a direct presence in 36 African countries and provides a gateway to 53 of the 54 countries that make up the African continent. The Group is also active in seven French overseas territories and in Asia. It employs 15,200 people.
CFAO generated consolidated revenue of €4,228 million in 2017.
CFAO is a subsidiary of the TTC Group (Japan).
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About Genesis Group
Genesis Group (http://GenesisGroupNG.com) is a leading Hospitality & Entertainment conglomerate with interests in Industrial Catering, Cinemas, Quick Service restaurants, food production, Real Estate, Oil & Gas support services in Nigeria.
Founded in 1991, Genesis is a household name in Nigeria and one of the leading service providers to the Oil & Gas Industry.
About Craft Development
Craft Development (http://Craft-Development-cm.com) is a fast-growing property development company based in Cameroon. Born out of the 25+ year experience of a construction engineer in real estate development and investment in Europe and Africa, the company offers local expertise wrapped in world-class international standards.