Fusion Capital, a private equity firm, recently stated that by the end of this month, the Greenwood City Mall in Meru will be completed. According to the company, the mall is currently 95% complete. The gatehouse and exterior are waiting for the final touches.
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Fusion Capital Real Estate Executive Director claimed that they plan to open in about a month’s time. The director added that, currently, they have a completely furnished Naivas on site. According to the director, the company has signed a ton of leases and terms with major banks. Lintons, Goodlife, and KFC are a few of the companies that intend to occupy the mall.
According to Fusion Estate, a sister company to Fusion Capital General Manager Kevin Sanya, there are few vacant spaces left. Currently, he said they are just over 60% filled, but by December they anticipate reaching 70% to 80%, if not 100%, occupancy.
The Fusion Capital Real Estate Executive Director also stated that there will be a soft launch. He said they will start to open the doors by the end of October. They are also looking to officially launch the mall by December or January.
Meru Greenwood City project oververview
Greenwood City is a mixed-use urban development located at the edge of Meru a city in the eastern region of Kenya. The project is set to provide an ideal environment with natural open spaces with playgrounds, community facilities, and commercial and retail space.
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It sits on 6 acres piece of land, where the former Pig & Whistle Restaurant was located. There are numerous planned amenities to ensure residents and visitors enjoy a comfortable lifestyle. These include; a 30,000 square meter retail mall with a supermarket, banking halls, and eateries; 53 apartments of 2 and 3-bedroom units; and 16,000 square meters of office space.
The Mall
The 4 storey mall, dubbed the Greenwood mall, will be home to both local and international brands, creating a center of a new retail phenomenon. All the elements of retail success including an exceptional location, unique architecture, ambiance, and visitors’ access to a wide range of shopping, entertainment, and dining choices, are put into consideration.
The mall also features complimentary amenities such as a movie theatre, agro-center, arcade, food court, banking halls, escalators, exhibition space, and ample parking with a basement level.
According to the developer, Greenwood mall will be the first to operate on a 24 hours basis as the economy grows.
The office block
The 6 floors of Greenwood offices on the other hand bring purpose-built and high-specification workspaces, tailored to suit the needs of any business.
Built to Grade A specification, the offices are designed to create a perfect working environment with complimentary amenities such as high-speed elevators, ample parking with over 150 parking bays, internet connectivity, 24hr security surveillance, a standby generator, a gym, a spa, and easy access to the shopping mall.
Security at the Greenwood offices is enhanced with restricted access to the offices via a secure entrance lobby with security checks and card access.
The apartments
Lastly, the Greenwood apartments are designed on the concept of privacy and total comfort with spacious ensuite bedrooms, open-plan kitchens, and balconies that offer gorgeous views of the entire city.
Comfort at the Greenwood apartments is emphasized with the provision of elevators for easy access, reliable power source and backup generators, water tank storage, enabled cable TV, and ample parking for residents and visitors.
The apartments are secured with a manned gate, electric fence, and 24-hour CCTV surveillance system.
Project team
Meru Greenwood Park Ltd
Fusion Investment Management, a subsidiary of Fusion Group
Reported earlier
Jun 2020
US $7.4m raised for Meru Greenwood Park project in Kenya
US $7.4m has been raised by Fusion Capital Limited towards the completion of the Meru Greenwood Park project, in Kenya.
Fusion Investment Management, a subsidiary of Fusion Group that manages both local and international funds raised the funding of the mall purely through an equity arrangement, thereby de-risking the investment, making it safe for shareholders to hold it in the short and long term.
Meru county Governor of Meru, Peter Munya confirmed the report and said the private equity fund had previously structured the financing of the mall as a Development Real Estate Investment Trust (D-Reit) which achieved a 38% subscription against the set threshold of 50% subscription. The project shareholders, therefore, dropped the DREIT in favor of private funding for the development.
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Development plan
“The US $7,4m is a follow-on investment from the original investment of US $4.3m hence total funding of about US $12m. The construction of the Meru Greenwood Park has now fully been funded privately by investors from the United Kingdom and Finland as well as local land partners,” said Governor Munya.
Meru Greenwood Park is located in the central business district on a 7-acre piece of land, along the Nairobi- Meru road. The project is envisaged to have a 25,000sqm shopping mall, a Grade A office block occupying 20,000sqm, 50 apartments of 2 and 3 bedrooms, and a public car park that can fit 240 spaces. Other amenities include a swimming pool, sports club, and cinema theatre.
“This is one of the landmark developments and the biggest single private investment in Meru and we intend to make it a destination for the Eastern Mt Kenya region, supporting the development plan of the county. Meru is currently a hub of agricultural and tourism activities,” said the governor.
“We have a first mover advantage in Meru and hence the decision to proceed with the circa 12,000 sqm shopping mall which is going to be a destination mall for the towns surrounding Meru,” said Fusion Group’s Chief Executive, Daniel Kamau.
We’ look into this. Thanks
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