LUSAKA, ZAMBIA – Stanbic Bank Zambia has reached a new milestone in its support to business with the opening of the Pinnacle Shopping Mall in Kabulonga this week.
The financing of the shopping centre brings the total value of the bank’s investment in the Zambian real estate sector to over K2 billion.
The 10,000 square metre Pinnacle Shopping Mall was developed by Vertigo Properties Ltd, a subsidiary of Novare African Real Estate Fund, with funding from Stanbic.
Head of Corporate and Investment Banking Helen Lubamba said the bank considered itself a leading financier in Zambia’s property sector.
“Stanbic Bank has been part of Zambia’s fabric for over 63 years and our foundation is deeply entrenched in the country’s development aspirations, which infrastructure investments like Pinnacle mall represent. We have aligned our business to support key economic sectors like mining, agriculture, energy and real estate and contribute to Zambia’s growth agenda.
“Our deep understanding and expertise in structuring financial solutions has seen us grow as leaders in funding important growth sectors of the economy not only in Zambia but on the continent.”
Pinnacle Mall is the eighth shopping mall in Zambia to be funded by Stanbic Bank. Others include Manda Hill, Arcades, East Park and Cosmopolitan malls in Lusaka, Ndola’s Jacaranda and Kafubu mall and Kitwe’s Mukuba Mall bring the bank’s total investment in real estate to more than K2 billion.”
Ms Lubamba explained that “This investment clearly demonstrates Stanbic’s leading financing capabilities in real estate. One of our goals is to complement Government efforts in growing different sectors of the economy, including manufacturing, driving trade and creating an environment for local businesses to thrive, hence supporting sustainable economic growth.
“It must be noted that developments like Pinnacle mall create employment and it is our sincere hope that these stores will stock local produce.”
The corporate and Investment banking Head said Stanbic was confident that Pinnacle Mall would bring downstream benefits that would support the expansion of retail trade in the economy which would further create job opportunities in the local value chain. She said the bank remained committed to providing solutions to challenges key sectors of the economy faced in terms of obtaining financing.
Speaking during the official opening ceremony, Ministry of Commerce Trade and Industry Permanent Secretary, Mrs Kayula Siame said Government was excited to partner with an investor like Novare due to the benefits their investment would bring to local communities and the economy.
She said: “We realise that in the investment that Novare has made, we have a lot of backward and forward linkages that enable inclusion of local producers in the economy while also creating employment for locals.
Novare Real Estate Holdings Chief Executive Officer Mr Olaotse Leepile said Pinnacle Mall would bring benefits far beyond a unique shopping experience for Zambians.
“During the construction phase alone, the mall created over 350 jobs and we expect it to create far more employment opportunities at full operational capacity.
The benefits of the mall go much wider than a mere shopping experience. It creates a market for local producers and businesses to participate to sell their products creating more job opportunities in the local goods and services value chain.
The public will also benefit from infrastructure like clean water and a modern sewer system installed at the facility, from which the surrounding communities and neighbouring schools can tap into, he said.
And Shoprite Zambia General Manager Charles Bota said with the opening of Pinnacle Mall and Shoprite Kabulonga, the supermarket giant was building on its local supplier base, adding that Shoprite Zambia sourced 80 percent of its products locally with 85 percent of fresh fruits and vegetables bought from more than 102 local small scale and commercial farmers.
Shoprite Kabulonga, which is Pinnacle’s anchor store, has employed 200 Zambians bringing the total number of people employed by Shoprite Zambia – both direct and indirectly - to 5,900 making it one of the biggest employers in Zambia.
Pinnacle Mall will accommodate 40 commercial retail outlets to include a supermarket, food court, entertainment zone, fashion shops, banking services along with a 400-bay car park.