11 Feb Stanbic funds construction of Pinnacle Mall in Lusaka
STANBIC Bank Zambia and Vertigo Properties Ltd – a subsidiary of Novare African Real Estate Fund – have signed a multi-million-dollar loan facility to complete construction of a 10,000 square metre shopping mall in Lusaka’s Woodlands area.
The ultra-modern Pinnacle Mall is set to open at the end of next month.
Stanbic Bank Zambia head of corporate and investment banking Helen Lubamba said the deal demonstrated the bank’s status as a leader and reliable partner in real estate financing.
The latest transaction builds on its previous landmark facilities that financed structures such as Manda Hill, Arcades, East Park and Cosmopolitan malls in Lusaka, Ndola’s Jacaranda and Kafubu malls and Kitwe’s Mukuba Mall.
“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,” said Lubamba.