Gateway Delta, a private real estate development company with a permanent capital structure resident in Mauritius, has bought Metroplex Shopping Mall based in Nalya, a Kampala suburb.
According to a press statement sent to East African Business Week by Knight Frank Uganda, the Mauritian firm bought the shopping mall for redevelopment.
“The redevelopment of the Metroplex Shopping Mall in the middle-class neighbourhood of Nalya will commence shortly with the intended reopening of all the phases of the development in April 2020,” indicated a Knight Frank statement.
Without mentioning how much the Shopping Mall was sold, Knight Frank said it will have a gross lettable area of 13000sq meters. It will have a shopping, dining and entertainment hub within its primary and secondary catchment hub.
French-based supermarket, Carrefour, is expected to open a hypermarket store at the mall in February 2020.
Gateway Delta holds a Mauritian Category One Global Business Licence. It develops and invests in the following real estate classes across the African continent (excluding South Africa).
It specializes in the turnkey construction of accommodation for multinational corporates and retailers wishing to expand their operations on the African continent.
Gateway Delta is part of Grit Real Estate Investment Group (“Grit”). Founded in 2014, Grit is the largest pan-African real estate income group listed on the main market of the London Stock Exchange, the Johannesburg Stock Exchange and the Stock Exchange of Mauritius.
Grit currently operates across seven countries, with direct investments in five asset classes and 25 assets valued at circa USD800 million.
Knight Frank said the redeveloped mall will host diverse leisure and entertainment offerings, excellent grocery stores, daily shopping services, cafes and restaurants and a diverse allays of fashion stores.