Gateway Delta Development Holdings, a Mauritius-based real estate developer, plans to invest $20 million to redevelop Metroplex Mall within the next year after acquiring it from its current owner.
The company said Tuesday that it is finalising the acquisition of the mall, located in Naalya, Kampala, at an undisclosed amount, and has already contracted local consultants to start the redevelopment process.
“The location of Metroplex Shopping Mall is absolutely ideal from a retail point of view, especially with the construction of the new access road from Kyaliwajjala-Naalya road expected to be completed this year; we believe that this will unlock the trading potential of the mall,” said a statement by Gateway Delta.
Renovation is expected to start in the third quarter of this year and will continue through the first four months of 2020. The firm will invest $20 million in the redevelopment exercise, and the newly-renovated mall is expected to open officially in April 2020.
“The interior of the mall itself will receive a major revamp, including realignment… for improved visibility,” the statement said.
The developer said it has already signed Carrefour, the French multinational retailer, as the mall’s anchor tenant; the supermarket chain will take up 3,407 square metres of space. Apart from Carrefour, Woolworths, Bata, Aga Khan, Pep, DTB Bank, and Cafe Java have also expressed interest in the redeveloped space, according to Gateway Delta.
The mall will be managed by Knight Frank Uganda, which is also the leasing agent.