South African property developer, Stanlib and its local partner Chestnut Uganda plan to construct a $50 million shopping mall in Kampala's suburb of Makindye Municipality. The Arena Mall will be built on a five-acre piece of land, less than 2km from the capital's central business district.
Stanlib's private equity Africa Direct Property Development Fund will provide $30 million with $20 million debt from Standard Bank South Africa. Standard Bank is the parent company of Stanlib.
The Arena Mall will occupy 14,000 square metres with two levels of shopping space, a rooftop cinema, restaurant and parking. Construction works are scheduled to begin in the first quarter this year with the mall expected to be open in 2018.