Jabi Lake Mall

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The Jabi Lake Mall project (”the Project” or “Mall”) is a proposed mixed use shopping mall consisting of two floors and a lettable space of 26,600m2 in Abuja, Nigeria. The Mall will be the largest shopping center to date in Abuja and is part of the Jabi Lakefront Master Plan proposal, a large, multi-purpose, multi-use scheme. The Project will occupy a site area of approximately 50,000m2 on a leased portion of the entire land for the Jabi Master Plan Proposal (Portion A). The Mall is designed to be a unique shopping, entertainment and relaxation center and will comprise numerous shops on both levels with outdoor seating areas for convenience and choice.The Project is being developed by Actis (a private equity firm with $5billion funds under management and investing exclusively in Africa, Asia and Latin America), and IFC is considering an investment of up to $11.1 million in the Mall. IFC has an existing investment in Actis via its Real Estate Fund 2 and is also considering other direct investments in an Actis project located in Kenya. IFC’s engagement with Actis to date has determined the company to be reputable high quality fund manager with an established and well structured approach to managing environmental and social issues. Development of the Project will be managed by Laurus Development Partners (Laurus) which is majority owned by Actis with the remaining share owned by Laurus’s CEO. Laurus is a West African real estate development company and has offices in Accra, Ghana and Lagos, Nigeria. As such, Laurus is required to align their activities with Actis in their role as project managers. Laurus focuses on environmental sustainability and commits to applying the highest international standards. In 2012 it was awarded the Development Company of the Year award by the Ghana Real Estate Developers Association. A construction contractor has not yet been selected. For operation, a facilities management company still needs to be selected and will be appointed to manage the Project during operations.