NAIROBI,Kenya,Jul 5 – International private equity firm Actis has unveiled plans to launch a Sh12.6 billion ($150 million) real estate development along the Nairobi-Thika Superhighway.
The 32-acre development, dubbed Garden City, will include a 50,000 square metres retail mall, state-of-the-art commercial premises, 500 new homes and a four acre central park that will also house an outdoor events arena for the staging of concerts and shows.
Actis Head of East Africa Michael Turner said the groundbreaking will take place in December with completion targeted for May 2014.
Close to the residential areas of Muthaiga and eight minutes from Westlands and the Central Business District (CBD), Garden City occupies a prime location, serving a catchment area of one million people.
“We have been encouraged by the strong demand shown by both local and international retailers, who like us see Garden City as a landmark destination in Nairobi and the East African region,” said Turner.
In 2004 Actis built The Junction shopping mall in Nairobi, The Palms shopping mall in Nigeria and Ghana’s A-grade shopping and leisure centre, Accra Mall, in 2008.
The construction of Garden City will be led by Mentor Management; a team of international and local experts in development and project management, based in Nairobi.