Greenwood City Mall’s anchor tenant Naivas supermarket has opened its doors in Meru. The mall provides grade A spaces to businesses operating or seeking to serve the Meru market.
Speaking at the opening of the supermarket, Mr. James Maclean, the Executive Director of Real Estate at Fusion Group said that they were excited to see that the mall had opened its doors before Christmas allowing tenants to trade more over the festive season.
Mr. Maclean stated that Greenwood City would treat its tenants as partners and that it was their intention to ensure the mall has good footfall that ensures good trading and zero tenants’ turnover.
He added that Fusion’s development in Kigali retains a 99% occupancy rate and it’s a testament to the company’s commitment to the tenants.
James said that Greenwood City will be a destination mall not only serving Meru town residents but also Nkubu, Isiolo, Chuka and other neighboring towns.
The Greenwood mall is funded by Fusion Capital in its capacity as a direct investor and also as a fund manager to some of the investors under its management through Fusion Investment Limited.
Fusion partnered with a team of six (6) local individuals who originally owned the 6-acre piece of land that was formerly known as Pig and Whistle.
The local partners make the minority shareholders of the investment and Fusion and its investors are the majority shareholders. Fusion has delivered several developments on partnership basis with land owners including Flamingo Towers in Upperhill, 4th Avenue Towers in Upperhill as well as Montey Apartments in Nakuru.
Greenwood City is a phased development that upon full completion will comprise the mall, an office block and an apartment block. The developer intends to embark on the apartment block after the full completion and opening of the mall.
The apartments are being built for sale and over 50% have been pre-sold. This will be the next phase of the development scheduled to commence in 2023. The last phase will be expected to deliver the office block.
Speaking during the opening of the Mall Mr. Daniel Kamau, the Chief Executive of Fusion Capital said
“Nothing succeeds like success and if you want to be trusted in our Markets you must deliver the promise to the customers. Greenwood mall has taken time but its finally delivered ahead of any other proper mall in Meru. It will become a destination for proper brands seeking to serve the Meru and the wider Mount Kenya market. Fusion is keen to maintain its track record of trust and delivery and hence the reason we have remained committed to this project. I am very excited that it’s now complete.”
The mall is currently about 60% pre-let and tenants are currently fitting out with a proper launch of the mall scheduled for early next year.
The developer; Fusion Capital is a Private Equity Firm focused on Real Estate investment and Fund Management based in East Africa that was founded in 2006.
Over the years it has grown into a leading and pioneering Real Estate and Fund Management firm in East Africa. It provides services in African Real Estate and Fund Management.
It aims at serving the needs of the fast developing market by creating outstanding buildings for people to live, work and relax in.