Representatives from STANLIB Asset Management Limited, South Africa, gathered in Kampala for the ground-breaking ceremony of East Africa’s biggest mall, the 14, 000 square metre The Arena Mall.
Located at the intersection of two major thoroughfares – Kibuli and Nsambya Roads, the mall is STANLIB’s first property development venture in Uganda, and is designed with two levels of enclosed shopping space and a rooftop cinema, entertainment and restaurant space atop two levels of structured basement parking.
Situated barely three kilometres south of the city’s central business district, on a steeply rising slope, The Arena Mall will offer breath-taking panoramic views of the city scape and surrounding Nakasero.
The Arena Mall site is easily accessible from the CBD through Kibuli Road on the north, Nsambya Road to the west, and Gaba Road from various southern suburbs.
In close proximity of the site are the American embassy, Nsambya Hospital, the Kampala International University, Uganda Military Police Barracks, and a number of prominent schools, public offices, shopping and entertainment centres.
The Mall should be a welcome addition to the south-east suburbs, which are largely underserved by formal retail and leisure facilities.
Over 87,000 households and 334,000 people reside within a 1km radius of the site, but there exists a dearth of quality, formal retail offerings in the catchment area, despite the annual population growth rate of 3.6% and a concentration of middle income households in this region.
The Arena Mall will be anchored by Shoprite, and will have a wide variety of shops such as Cafesserie, Aristoc Booklex, Timberland, and Century Cinemax.
Knight Frank Uganda is leading the leasing efforts, with over 50% of the lettable space in the Mall pre-let. The Mall opening is expected by September 2019.
“Today is an exciting and historic day for our organization as a whole, marking STANLIB’s first property development project in Uganda,” said Byrd, Principal at STANLIB.
STANLIB believes The Arena Mall offers a chance for good investment return, geographical diversification for the Fund, as well as an opportunity to contribute to the economic development and viability of a key urban node.
The primary objective of STANLIB’s Fund is to achieve long-term capital appreciation through investments in a diversified portfolio of quality property developments projects.
The Arena Mall will be Kampala’s first environmentally sustainable building, and will have a 4-Star rating by the Green Building Council South Africa (GBCSA)-Uganda.
STANLIB is pleased to be investing in a project that provides benefits for the tenants, environment and investors, and is also a proponent of innovation and learnings in the market.
STANLIB is working in partnership with a local partner, Charles Odere of Chestnut Uganda Limited, and reputable local and international development professionals.
Seyani Brothers (Uganda) Limited is the main contractor, and the development and construction will be managed by Betts Townsend.
