The project sponsor is NAPF II, a US$351 million real estate fund focused on commercial property development in Sub-Saharan Africa. NAPF II achieved final close in June 2016. Novare Fund Manager Limited (Mauritius) is the fund manager and Novare Equity Partners (PTY) Limited (South Africa) is the sub-advisor (jointly "Novare").    

The total project cost is estimated at US $24.5 million. The proposed IFC investment is a US$6.8 million A loan for IFC's own account.     

The project is a “category B” project according to IFC’s Policy on Environmental and Social Sustainability because potential adverse environmental and social risks are limited, reversible and may be readily mitigated, through the implementation of the ESAP.

The key environmental, health and safety issues associated with this project include: i) adequacy of environmental and social assessment and management systems (ESMS), including OHS management, especially during construction phases, as construction will be taking place while the existing mall will continue operations; (ii) adherence to local labor laws, and the application of policies to contractors; (iii) Life and Fire Safety (L&FS) provisions and emergency preparedness and response; (iv) optimization of water and energy use through project design; solid waste disposal; waste water treatment; potable water quality, treatment and monitoring; management and control of pests; (v) tenant management and outsourced services; (vi) security arrangements; (vii) traffic safety and (viii) stakeholder communication and safety, particularly during construction.