Privately-owned Nakumatt, Kenya’s biggest supermarket chain by sales, has agreed to sell a 25 percent stake to a foreign fund for $75 million, part of an effort to bolster its balance sheet and pay off debts, its managing director said last Wednesday.
Retail in Kenya is dominated by informal sellers, but recent years have seen a boom in modern trade, with home-grown supermarket chains expanding their footprint and international brands (such as Carrefour and Massmart’s Game banner) entering the market.
South Africa’s largest shopping center development to date, the $340 million Mall of Africa, will be fully operational in 17 days — on 28 April 2016.
It’s one of the clearest expressions of the growing middle class in many African countries — a burgeoning demand for shopping malls, each more lavish than the one before.
East Africa’s shopping landscape is slowly changing with the construction of multi-million dollar centres in prominent cities.
Nakumatt and other local retailers have long served Kenya’s market but now international store chains and private equity investors are also coveting the strong growth prospects in east Africa’s leading economy.
Africa focused Private Equity (PE) has developed impressively over the last two decades, in terms of volume, quality of transactions, and performance.