Private group invests in expansion of Angola’s first shopping centre

22 January 2015

A private group, which includes a company from Brazilian group Odebrecht, will invest US$136 million in the expansion of Belas Shopping, the first major shopping centre in Angola, under the terms of a contract approved by presidential decree.

The investment in “Belas Shopping”, which opened in 2006 on the outskirts of Luanda, is based on a contract between Kulanda Belas Malls, HO – Gestão de Investimentos and Odebrecht Africa Shopping Services (OASS), along with the government’s National Private Investment Agency (ANIP).

The document authorises work to expand the shopping centre, with the increase in gross area for lease by a further 16,000 square meters, installing 110 new stores, including bowling lanes and cinemas along with expansion of the car park by an additional 1,100 spaces.

The overall investment, to be made under the terms of Angola’s Private Investment Law, amounts to US$136 million, including the Brazilian group Odebrecht’s involvement in the project (30 percent share), ensuring the capitalisation of the Kulanda company, which manages the shopping centre. (macauhub/AO/BR)