Pylos Mozambique, a real estate promotion and development company of Belgian group Pylos, has begun construction in the city of Tete of the first of 15 shopping centres planned for the next five years, according to a statement from the group.
Jacky d’Almeida, operations director of Pylos Mozambique, said the company’s strategy involved focusing on the provinces as prime investment destinations, and so “we started on 1 September to build the first shopping centre in the city of Tete. ”
Construction of the second unit will start later this year in the province of Nampula, which may be followed, also in 2014, by a third unit in the province of Inhambane.
“Pylos set out an investment strategy making use of its own equity, which allows a greater freedom of choice and greater speed in delivering investments of estimated at over US$150 million,” said José Carlos Pinheiro, CEO of Pylos Mozambique.
The Pylos group operates across three continents, and has a portfolio of real estate projects in Belgium, Luxembourg, France and Brazil valued at over US$800 million.
Pylos Mozambique is the group’s first investment in Africa and will be followed by the opening of Pylos Zambia in October 2014. (macauhub/MZ)