Resilient Africa is Investing $271M in shopping malls across Nigeria

Delta Mall, Warri, Nigeria. Credit:

By year-end 2016, Resilient Africa is set to have invested $271m developing shopping malls in 2nd tier cities across Nigeria. The company, which was created through a joint venture with Resilient Properties – a leading South African REIT, Shoprite and Standard Bank, is attempting to establish a strong foothold in cities where little or no formal retail exists. Within this group, all projects will see Standard Bank acting as the financier, Shoprite the main anchor tenant and Resilient as the developer.

Until recently, all of their investment interest was geared towards South Eastern Nigeria in cities like Benin, Owerri, Effurun (near Warri) and Asaba, where the new shopping centers would be 13,000sqm and cost $50m on average.

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