Actis intends to sell a share in Garden City Mall for Sh10 billion

Actis seeks $104.6 million through debt and equity sale in Garden City Mall and Thika Road, following a call for proposals from companies and sponsors in December 2022.

Actis stated to the consortium in the proposal that it is looking for an investment in the mall of $74.6 million (Sh10.5 billion), which would be made up of $37 million in loans and $37.6 million in a secondary equity sale.

“This exciting real estate opportunity to own this popular destination mall is to acquire between 49 percent and 100 percent of the share capital of GC Retail (Mauritius) Limited from its parent company, Ruaraka Diversified Investments Limited (RDIL) for an enterprise value payable in US dollars of around $74.6 million,” said Actis in the pitch for investment, as per Kepfic disclosures

After two years of construction, the Garden City mall opened its doors in May 2015. Owners later established the business park, whose first phase was filled in 2019 by listed brewer EABL

Fun Activities To Engage In At Garden City Mall - Bargain Advice
Garden City Mall

According to Actis’ presentation, the mall’s revenue for the fiscal year ending June 2024 is expected to total $7.94 million (Sh1.1 billion), which includes rent, parking fees, utility costs, marketing fees, and service charges.

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According to the filings, the business park’s anticipated revenue for the time period is $2.27 million (Sh321 million).

The mall charges rent in real money, thus the income is protected against currency fluctuations, according to the developer.

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