The world class shopping mall, with its Grade A office complex, is set to become the destination of choice for shoppers and companies alike. It is going to be occupied by the South Africa-owned Shoprite, Stanbic IBTC bank, Silverbird Cinemas, Kenturky Fried Chickens (KFC) and other entrepreneurs.
The mall, built on a land covering 28,500m2 within Alausa, the seat of power, by Gruppo Nigeria Investment Ltd. is co-financed by Actis, owners of The Palms, Lekki; the Accra Mall in Ghana and Junction Mall in Nairobi, Kenya, which owns 60 percent equity in the mall.
The newly built Ikeja City Mall is at Alausa area of Lagos State
Other project partners of the mall include Paragon Holdings and RMB Investments & Advisory, RMBIA, which owns 20 per cent each.
The project is financed by a mixture of debt and equity, with a debt facility of $48.6mn secured from Stanbic IBTC Bank plc. and Standard Bank of South Africa Limited.
It was learnt that Silverbird has secured a four-screen cinema complex within the mall, while Shoprite has taken up 4,400m² of the mall which also has beauty shops and restaurants.