Simba Supermarket Rwanda, yesterday, signed a lease agreement with Kigali Heights Development Company (KHDC) that will allow the former rent at least 1,500 square metres of space at the Kacyiru-based modern mall that is under construction.
Simba Supermarket Rwanda, yesterday, signed a lease agreement with Kigali Heights Development Company (KHDC) that will allow the former rent at least 1,500 square metres of space at the Kacyiru-based modern mall that is under construction.
This particular deal makes the retail company the anchor tenant at the complex that is expected to open in March, next year.
An anchor tenant on a commercial complex is one that is normally counted upon to draw the biggest traffic from which the other tenants tap.
According to Denis Karera, the managing director KHDC, the contract is renewable after 30 years and will help provide shoppers for the retailer with the best alternative.
"This is yet another new addition to the Rwandan retail market that will not only provide shoppers with a wider variety but also avail modern premises to regional and international giants with appetite to operate in Kigali,” said Karera during the signing ceremony in Kigali.
"We, therefore, welcome Simba Supermarket onboard and pledge our commitment toward supporting their growth.”
Increased investment
The agreement, according to Teklay Teame, the chair of Simba Supermarket Limited, will help the retail firm triple its investment portfolio in the country and strengthen their footprint in the region.
It will also help us tap into the business opportunities created from the enabling environment government has created, he added.
The KHDC outlet will be the fourth branch for Simba that will be used as a stepping stone to other parts of the country and beyond, Teame said.
Simba joins other global brands who have already booked space at this particular magnificent shopping mall that is expected to cost over $50 million upon completion.
These include Woolworths, a global supermarket chain, and Java House Coffee Shop, besides regionally established brands like UAE Exchange, among others.
The facility will also house a number of offices including banks, ENSafrica (Africa’s largest law firm) and PricewaterhouseCoopers, the world’s second largest professional services network, among others.
The dual structure complex, comprising nine-storey and seven-storey buildings, is being developed by Kigali Heights under the management of local businessman Denis Karera.
The construction of the complex, located near the KBC roundabout in Kimihurura is financed by Fusion Capital, a private equity house, and will act as a dual tower office and retail block.
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