Stanbic Bank Zambia, has signed a multi-million dollar loan facility with Vertigo Properties for the completion of a shopping complex dubbed the Pinnacle Mall in Lusaka.
Stanbic Bank Zambia Head of Corporate and Investment Banking, Helen Lubamba confirmed the reports and said the deal signed with Vertigo was a demonstration of bank’s status as a leader and partner in real estate financing.
“As a bank that strives to be an active participant in growing Zambia’s economy, we remain committed to providing solutions to some of the financing challenges that various sectors of the economy are facing in obtaining long-term funding. Stanbic’s investments are designed to facilitate growth in the development of sectors such as mining, agriculture, energy, tourism and infrastructure development because we believe they have a significant impact on driving national GDP forward,” said Helen Lubamba.
Helen further added that the transaction builds on its previous landmark facilities that financed iconic structures such as Manda Hill, Arcades, East Park and Cosmopolitan malls in Lusaka, Ndola’s Jacaranda and Kafubu malls and Kitwe’s Mukuba Mall.
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The Pinnacle Mall
The 10 000-square metre 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.
Expected to be opened by end of March this year, the mall will make it the second completed project by Novare African Real Estate (Vertigo’s parent company) after Novare Mall. Stanbic Bank Zambia has to date invested more than US $160m in real estate development in Zambia.
Novare was established in South Africa in 2000 as an investment advisory business to pension funds. Stanbic Bank Zambia head of corporate and investment banking Helen Lubamba, said the deal signed with Vertigo was a demonstration of bank’s status as a leader and partner in real estate financing. The latest transaction builds on its previous landmark facilities that financed iconic structures such as Manda Hill, Arcades .
