Private equity firms backing surge of retail developments in East Africa

Kenya’s Two Rivers Development will be the largest lifestyle center within Sub-Saharan Africa (ex. South Africa).

East Africa’s shopping landscape is slowly changing with the construction of multi-million dollar centres in prominent cities.

Many projects are being developed by investment firms and private equity funds eager to cash in on the region’s burgeoning consumer markets.

In Nairobi, London-based private equity firm Actis is set to open its $250m Garden City mall on May 28th.

The first phase of the project will include 33,000 square miles of retail space, residential units and a parking area. Garden City is located along the Thika highway, a multi-million dollar road completed in 2012 that connects Nairobi with the town of Thika, about 40km north-east of the capital. The development has attracted leading retailers, including South Africa’s Game and US fast-food chain KFC.

Read more: Investment firms backing retail developments in East Africa | How We Made It In Africa – Insight into business in Africa