A leading growth markets investor, Actis, and Genesis Group (Genesis) have signed an agreement to bring the first premier cinema to Doula. The five-screened cinema will add to the leisure and entertainment offering at Douala Grand Mall, a retail led, mixed-use development, close to Bonapriso in Cameroon’s largest city.
“We are excited by the prospects of expanding to other West African states after 25 years of leadership in the hospitality and entertainment sector in Nigeria. As one of the leading cinema chains in Nigeria with cinemas in major cities in the country, a West African expansion represents a brilliant opportunity for us particularly with a partner like Actis,” said Dr Nnaeto Orazulike, GMD of Genesis Group.
Douala Grand Mall is developed by Actis and a local partner, Craft Development. The mall will be part of the largest mixed-use development in Cameroon with 18,000 square metres of retail and leisure space, anchored by the Genesis cinema and a supermarket. The full development, which includes a business park hosting a five-star hotel and corporate offices spaces, will be a landmark touristic spot in the city that reflects the aspirations and dynamism of Douala.
The project is expected to create over 4,500 jobs using local material and labour. It has also been granted tax incentives following a convention signed with the Government of the Republic of Cameroon.
“It is fantastic to be able to attract regional brands into Cameroon, we are encouraged by the interest already received from retailers and restaurateurs seeking to take up space in the mall, keen to benefit from the growing consumer power,” said Amanda Jean-Baptiste, Partner, Head of West Africa, Real Estate at Actis.
Actis has a strong presence across Francophone Africa including energy, education and healthcare businesses.
Here’s what you need to know about Actis
- Actis is a leading investor in growth markets, delivering consistent competitive returns, responsibly.
- It has a growing portfolio of investments across Asia, Africa and Latin America and has raised over US$13bn since inception.
- The firm invests through insights gained from trusted relationships and local knowledge, deep sector expertise and an unparalleled heritage, set within a culture of active ownership.
- In 2014, Actis sold part of its share in Ugandan power utility, Umeme, to institutional and retail investors, reducing its stake from 60.08 percent to 14.3 percent.
- In 2015, it sold its 30 percent stake in Globeleq Africa, the energy company that owns the 75 megawatts, Kenyan-based thermal power generator, Tsavo Power, to CDC and Norwegian development financier, Norfund. This deal was worth $227 million.
- In November 2015, Actis bought a majority stake in Nigerian fund manager, Sigma Pensions, for $62 million. It also invested $65 million in South Africa’s leading independent sports and lifestyle shoe retailer, Tekkie Town.
- It has invested heavily in several business sectors in Nigeria, which earned it an award in 2014 as the ‘Firm of the Year in Africa’ by Private Equity International as well as an ‘African Infrastructure Fund Manager of the Year, 2014’ by Infrastructure Investor.
- Actis’ energy business invests in buy-and-build power generation and distribution businesses in Latin America, Africa and South Asia. The funds have invested over $2.1 billion in more than 31 companies across 25+ countries generating 15GW of energy capacity and directly impacted 68 million consumers.
- Over 40 percent of Actis’ investments are located across Africa. With $3 billion invested in the continent, Africa is at the heart of the firm’s strategy.
- Actis has extensive domain knowledge in education and has invested and committed over $US 500m in recent years in the sector in China, Brazil and across Africa.
- Actis believes access to quality education is integral to developing the next generation of leaders capable of positively impacting tomorrow’s societies and economies.
- Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact.
What you need to know about Genesis Group and Craft Development
- Genesis Group is a leading Hospitality and Entertainment conglomerate with interests in industrial catering, cinemas, quick service restaurants, food production, real estate, oil and gas support services in Nigeria.
- Founded in 1991, Genesis is a household name in Nigeria and one of the leading service providers to the Oil and Gas Industry.
- Craft Development is a fast-growing property development company based in Cameroon.
- Craft Development was born out of over the 25-year experience of a construction engineer in real estate development and investment in Europe and Africa, the company offers local expertise wrapped in world-class international standards.