Stanbic Bank Zambia says the financing of the Pinnacle Shopping Mall in Kabulonga that opened this week has brought the total value of the bank’s investment in the Zambian real estate sector to over K2 billion.
The 10,000 square metre Pinnacle Shopping Mall was developed by Vertigo Properties Ltd a subsidiary of Novare African Real Estate Fund with funding from Stanbic bank, says
Head of Corporate and Investment Banking Helen Lubamba In a statement made available to the Zambia Business Times-ZBT.
“We have aligned our business to support key economic sectors like mining, agriculture, energy and real estate and contribute to Zambia’s growth agenda. Our deep understanding and expertise in structuring financial solutions has seen us grow as leaders in funding important growth sectors of the economy not only in Zambia but on the continent.”
Pinnacle Mall is the eighth shopping mall in Zambia to be funded by Stanbic Bank.
Speaking during the official opening ceremony, Ministry of Commerce Trade and Industry Permanent Secretary Kayula Siame said Government was excited to partner with an investor like Novare due to the benefits their investment would bring to local communities and the economy.
“We realise that in the investment that Novare has made, we have a lot of backward and forward linkages that enable inclusion of local producers in the economy while also creating employment for locals,” she said.
And Novare Real Estate Holdings Chief Executive Officer Olaotse Leepile said the benefits of the mall go much wider than a mere shopping experience as it creates a market for local producers and businesses to participate and sell their products creating more job opportunities in the local goods and services value chain.
The public will also benefit from infrastructure like clean water and a modern sewer system installed at the facility, from which the surrounding communities and neighbouring schools can tap into, he said.
while Shoprite Zambia General Manager Charles Bota said
Shoprite Kabulonga, which is Pinnacle’s anchor store has employed 200 Zambians bringing the total number of people employed by Shoprite Zambia – both direct and indirectly – to 5,900 making it one of the biggest employers in Zambia.
