Nairobi, Kenya 27th July 2012 – SHELTER AFRIQUE and MPICO MALLS LTD have signed a South African Rand 50 million (ZAR 50 m) loan agreement. The funds are earmarked to co-finance the development of an ultra modern shopping mall, The Gateway Mall, and related infrastructure for leasing. The project is located in Lilongwe, MALAWI.
MPICO Malls Limited (MML) was incorporated in February 2010 as a special purpose vehicle (SPV) for the development of the proposed Mall. Its majority shareholder is Malawi Property Investment Company Ltd (MPICO), the biggest property investment company in Malawi.