Festival Mall, a new shopping complex in Festac Town, Lagos State, developed by UACN Property Development Company Plc and financed by Stanbic IBTC Bank, under a special vehicle- First Festival Mall Limited, has started operations. Stanbic IBTC Bank had provided a $9 million bridge facility as part funding to commence the development phase and subsequently refinanced this amount with the provision of a seven-year $25 million medium term loan facility, representing 50% of the total project cost. The mall, owned by UACN Property Development Company Plc, Africa Capital Alliance and UPDC Real Estate Investment Trust, will have Shoprite and Silverbird Cinemas as anchor tenants and 45 other retailers offering diverse products and services.
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