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RMB Westport, developer plan $170m mall for Royal Garden Estate residents

Determined to perfect Royal Garden Estate’s initial masterplan as an up-market housing development,  and also to ensure that residents enjoy the benefits of living, working and playing in a secure environment, Trojan Estates Limited and RMB Westport have concluded plans to deliver a $170 ultra modern shopping mall just beside the estate.
The new mall which will be the biggest mall in Nigeria in terms of size, is equally expected to be the choice shopping centre for the neighbourhood’s rising residential population when delivered by 2017.
Branded Royal Gardens Mall, the retail facility is strategically located just next to the entrance of  the estate in Ajah and faces the Lekki-Epe expressway directly to ensure it meets its primary purpose of offering convenience to residents of the estate.
“The Royal Gardens Mall is the final phase of our promise to deliver a best-in-class live, work and  play community for the rapidly growing residents and clients of Royal Gardens Estate,” Kunle Tinubu, CEO, Trojan Estates Limited, said in a statement made available to Business Day.
With an estimated 30,000 square metres of retail and entertainment space, its promoters say the mall will differ from its contemporaries by the number of entertainment, dining options, fashion court and promotional areas that will be on offer, adding that the fashion court will host international fashion brands, many of which will make their debut in Nigeria at the mall.
BusinessDay findings reveal that while spaces are already being allocated to high-profile brands already present in Nigeria as well as new entrants ranging from fashion and foot-ware to lifestyle and homeware, discussions are also in advanced stage with a number of international retailers such as grocery brands and general goods to ensure there is a perfect tenant mix at the mall.
“The Royal Gardens Mall is strategically located in the fastest growing area of Lagos,” Michael O’Malley, director, RMB Westport said in the statement, adding that the mall would define a new standard in retail development in Nigeria.
Part of the funding for the development comes from the RMB Westport Real Estate Development Fund which was formed to raise capital for RMB Westport and develop real estate assets in West Africa. It is one of Africa’s largest private equity real estate funds and is an investor in several Nigerian projects including the Ikeja City Mall, the Wings Towers office development under construction in Victoria Island, and the Osapa Convenience Centre, another retail development under construction in Lekki.
“The decision to work with RMB Westport was an easy one as their track record in the retail development in Nigeria and Africa aligns with our company’s accent on quality and vision to create enduring value for our stakeholders,” Tinubu added.

RMB Westport is also notable player in Ghana’s and Angola’s retail and office space market, having delivered the Stanbic Heights, the newly-built headquarters of Stanbic Bank in Accra, Ghana

(Culled from  http://businessdayonline.com)

December 10, 2014

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