$54m Novare Central Shopping Mall Opens in Wuse Abuja

By July 20, 2018 Investment News

Novare Real Estate Africa, an investment portfolio involved in property development across Africa, has opened its $54m (about N19.4bn) Novare Central mall in Wuse Zone 5, Abuja.

This brings to three, the number of Novare shopping malls in Abuja.

As in most of its malls, Novare Central provides 33 high end stores housing retail giants like Shoprite, PEP, Office Everything, Active Leisure, Timekeepers, Kilimanjaro, Miniso and others that seek to offer the Abuja main city dwellers value for money.

In his opening remarks at an exclusive ribbon cutting event, Professor Fabian Ajogwu, SAN, the chairman of Novare Real Estate Africa, said “In a bid to meet the demand for modern commercial infrastructure within the central business district of Abuja, the idea of a mixed-use which offers a retail combination of shops, restaurants and entertainment centres, as well as first-rate office spaces was conceived. He said it was achieved by a team of committed professionals who possess what could only be described as an unyielding belief in the future of our great country, Nigeria.”

He said the US$54 million was in foreign direct investment, financed by a hybrid approach, a mixture of debt and equity financing.

“Built to the highest international standard, the Novare Central consist of 7,178m2 of retail space on the ground floor with grade-A offices, (equipped with an access control basement parking) occupying three floors,” he explained further.

The Minister of the FCT, Mallam Muhammad Musa Bello, represented at the event by permanent Secretary of the Federal Capital Territory (FCT) Ministry, Mr. Chinyeaka Ohaa, commended Novare for the investments and assured of government support to private investors desirous of investing in Abuja.

Source: Daily Trust