Business

Metroplex Naalya Sold to Mauritian Real Estate Firm

Metroplex Shopping Mall in Naalya has been sold to a Mauritius based real estate firm.

Knight Frank Uganda announced Tuesday that the mega complex has been sold to Gateway Delta, which is owned by Grit Real Estate Investment Group, one of Africa’s largest real estate groups.

Knight Frank, who since the mall’s opening in 2011 have been letting, marketing and managing it, revealed today that Gateway Delta purchased the Mall “as a redevelopment opportunity.”

“The major redevelopment of the Metroplex Shopping Mall in the middle-class neighborhood of Naalya will commence shortly with the intended reopening of all phases of the development in April 2020,” said Marc Du Toit, the Head of Retail Knight Frank Uganda.

Du Toit says as part of the Metroplex redevelopment, French based supermarket, Carrefour, will open a hypermarket store at the mall in February 2020.

“In addition to this, the mall will host diverse leisure and entertainment offerings, excellent grocery stores, daily shopping services, cafes and restaurants and a diverse array of fashion stores among others,” he added.

Metroplex Shopping Mall is said to have been operating below its prospects, since its opening 8 years ago.

The mall suffered a major blow when Shoprite, its largest and first tenant closed shop in 2015, having failed to meet key sales targets amid growing competition.

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