Expanding into Africa

In 2012, the shareholders of APIL commenced with an expansion into Zambia. Through African Property Investments Limited (“API”), a GBC1 company incorporated in Mauritius, 5 retail malls and standalone Builders Warehouse were developed throughout Zambia, namely in Lusaka, Kitwe Ndola, Kabwe and Solwezi . Each of the malls is anchored by Shoprite. API holds 50% in the underlying Zambian entities with the exception of Mukuba in which API holds 25%. There are currently no plans for any further development in Zambia.

Under a separate structure, the DRC was identified as the next country for expansion due to the  fact that there are currently almost no retail malls in the country to service its massive population. Towards the latter half of 2018, the group expanded into the DRC under a separate yet similar structure to API. Currently the group has one shopping centre in Kinshasa (Oasis Mall) which was opened in November 2019. This 5,000 sqm development is fully let and is anchored by a 2,500sqm Shoprite. Furthermore, a second site was acquired in Lubumbashi and development of this shopping centre, called the Golf Mall, has commenced. Shoprite have already committed to 50% or 2,500sqm of the Lubumbashi development. The plan is to develop five to ten 5,000 sqm shopping centres in the DRC.

Ultimately the group’s goal is to develop shopping centres across the African continent and list all African entities under the API structure.