Stanbic invests US$160m in real estate

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BUUMBA CHIMBULU writes

@SunZambian

STANBIC Bank Zambia has to date invested more than US$160 million in real estate development in Zambia.

The bank’s head of corporate and investment banking, Helen Lubamba said its latest development was the completion of the agreement with Vertigo Properties Limited for a multimillion-dollar loan for the construction of a 10,000 square metre shopping mall at Lusaka’s Woodlands area.

Ms Lubambe said the highly anticipated opening of the ultra-modern shopping centre; Pinnacle Mall was set for the end of March.

She said the deal demonstrated the bank’s status as a leader and reliable partner in real estate financing.

Ms Lubambe said Stanbic would always align itself with key sectors of the economy that drove growth, thus making the bank a significant and direct contributor to growth in Zambia.

“We are proud to partner with Vertigo and contribute to the construction of another mall in Lusaka. Our deep understanding and expertise in structuring financial solutions has seen us grow as leaders in real estate financing in Zambia,” she said. Ms Lubambe explained that the bank was designed to facilitate growth in the development of main sectors of the economy. “As a bank that strives to be an active participant in growing Zambia’s economy, we remain committed to providing solutions to some of the financing challenges that various sectors of the economy are facing in obtaining long-term funding,” she said.

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