8 December 2015
Templars has advised the leading emerging markets private equity firm, Actis and its portfolio project company, Jabi Mall Development Company Limited on a US$65 million financing for the development of a 27,000 square metre Grade A shopping mall on the shores of Jabi Lake in the Federal Capital Territory, Abuja, Nigeria.
According to Amanda Jean-Baptiste, a Partner with Actis, “The Jabi Lake Mall, which opened its doors on 26th November 2015, is almost three times the size of the existing malls in Abuja. It will create over 1,000 jobs to Nigerians, thousands of indirect jobs as well as increase the internally generated revenue of government through taxes and Value Added Tax (VAT).”
The mall, which is currently the largest retail facility in Nigeria, is part of a larger 35-hectare masterplan for a mixed-use development bringing together hotels, residential apartments, offices and relaxation centres.
The debt financing for the project was provided by Guaranty Trust Bank plc, while equity was provided by Actis and the project site was contributed by land owner, Duval Properties Limited.
The Templars team on the transaction was led by Finance Partner, Chike Obianwu, assisted by Senior Associates Temple Uchegbune and Desmond Ogba along with Associates Simisola Folarin, Frances Emembolu, Seeke Sadipe and Solomon Alo.
“We are extremely pleased to have worked with Actis on this pioneering real estate project,” said Obianwu. “Our work on this transaction follows in the footsteps of our work on other such real estate projects as the Eko Atlantic City project, the Actis-led Heritage Place, an ultra-modern office building in Ikoyi, Lagos and the Polo Park Shopping Mall in Enugu, among others.”