ACCRA MALL, GHANA

The tenancy history has been stable over the past financial year, with limited changes. The mall had maintained a 91% occupancy rate. The major tenants include Shoprite and Game.

Accra Mall, Ghana

Accra Mall is currently the second largest shopping centre in Accra, Ghana measuring 21,384m2. The centre is located at a key main road intersection in, arguably, the most affluent part of the city. The centre is predominantly a single level structure – with an upper-level housing the cinema complex and a small area for other retail as well as a basement area housing management offices and parking.

FINANCIAL DETAIL

The summarised financial information relating to Accra Mall is as follows:

• Accra Mall is owned by Accra Mall Limited (“AML”), a company domiciled in Ghana. AML is 93.94% held by Accra Mall (Mauritius) Limited (“AMML”), a company domiciled in Mauritius. which is 50% held by SACREIL.
• AML also owns a vacant piece of land adjacent to Accra Mall and 100% of Petrostar Limited which, in turn, owns another vacant piece of land adjacent to the Mall.
• Accra Mall was independently valued at USD96.6 million as at 31 December 2021.
• Accra Mall’s trading conditions have remained largely resilient, with improved rental collections as the economy continues to recover.

TENANCY OVERVIEW

The tenancy history has been stable over the past financial year, with limited changes. The mall had maintained a 91% occupancy rate. The major tenants include Shoprite and Game.

The effect of the Covid-19 pandemic had resulted in greater operating costs and some capex costs to comply with the required cleaning procedures as well as rental concessions ranging from 3 to 6 months that were granted to tenants.

PROPERTY MANAGEMENT

The property management function is performed by Broll Ghana. Key responsibilities include day-to-day property management, tenancy management and financial accounting.

Optimizing the asset is primarily achieved through ensuring that the mall remains in high demand for the local consumer, as well as retailers. This involves a strategy to provide a tenant mix and shopping experience in line with what appeals to the local shopper.

_{As at 31 December 2021}