South African-based mezzanine fund manager, Vantage Capital, has announced its acquisition of a Ksh 800 million ($8 million) stake in Rosslyn Riviera Shopping Mall, a convenient neighbourhood shopping mall in the upmarket suburb of Rosslyn/Runda in Nairobi that officially opened for trading in 2017.
Sitting on 4.5 acres, Rosslyn Riviera combines the atmosphere of modern world class design against the backdrop of nature that takes advantage of a natural river on the property. It is spread over 18,211 sq.m of customer paradise offering visitors a selected blend of shopping, comprising of grocery, fashion, dining, health, wellness and entertainment establishments.
Mokgome Mogoba, Associate Partner at Vantage Capital, said: “Rosslyn Riviera is a state of the art shopping mall, developed to extremely high standards, with all the right characteristics we consider befitting the only modern neighbourhood mall in Kenya. It is located in a prime affluent area in the city of Nairobi. Direct access to a major highway provides the tenants with excellent visibility including abundant conveniently accessible parking for their customers.”
“The mall has managed to attract high quality tenants such as Chandarana Supermarkets, Java House, News Café and Nairobi Hospital and is led by a very competent management team. This investment in a leading retail property development in the heart of Nairobi demonstrates Vantage Capital’s commitment to Kenya and the East African region as a whole,” added Mogoba.
Warren van der Merwe, Chief Operating Officer of Vantage Capital, said Kenya has always been of strategic importance for Vantage, adding, they were, therefore, pleased with their 1st transaction in the country and to be investing in a premium asset such as Rosslyn Riviera.
“Peter Gethi and his entire team have done an exceptional job developing the mall and we are extremely confident in their ability to further the future success of the project,” he said.
Gethi, Director and CEO of Thaara Ltd, the developer of Rosslyn Riviera said: “We are indeed glad for the confidence Vantage Capital has placed in this project and certainly welcome their partnership with us. We are looking forward to the exciting journey ahead.”
READ: Why Cyprian Nyakundi is in trouble
The investment is Vantage Capital’s 7th transaction in Fund III, a Ksh 2.8 billion ($280 million) fund, with a 55% allocation to countries outside South Africa. This investment represents the 25th transaction executed by Vantage across three generations of mezzanine funds.
