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Novare was founded in South Africa in October 2000 as an independent investment advisory business. In 2006, the management of Novare took a strategic decision to expand beyond the borders of South Africa. Novare Equity Partners was established as a private equity firm investing exclusively in sub-Saharan Africa outside of South Africa.

Since then, the group has built an extensive network and gained valuable experience and insight into investing on the African continent, increasingly regarded as an investment destination of choice.

As a private equity fund manager with a specific mandate to invest in the real estate sector, both retail and commercial, our strategy is to leverage off the expansion of successful South African and international companies in the rest of Africa.

Given rising consumer spending by the increasingly affluent middle class insub-Saharan Africa, the need for modern retail facilities far outstrips the current supply. Novare’s experience and risk mitigating strategies in Africa assist in identifying and implementing sound development opportunities as well as navigating the renowned challenging landscape.

The acquisition of strategically located urban real estate is integral to Novare’s investment process. By partnering with the largest and most successful retail companies in Africa as tenants, we are able to deliver superior investments to the market. We deal with premier financial institutions, high-end project and property management as well as construction companies to mitigate construction and development risks.

C O M P A N Y C O M P A N Y O R G A N O G R A M

Zwide Capital (BEE) (26%)Founding Shareholders (74%)

h o l d i n g s

EST. 2017 (100%)South African privatereal estate fund manager

r e a l e s t a t e s o u t h a f r i c a

EST. 2000 (100%)Independent investment consultantAUM R148.9billion

a c t u a r i e s & c o n s u l t a n t s

EST. 2016 (95%)Multi-managerAUM R13billion

i n v e s t m e n t s e r v i c e s

EST. 2009 (94.7%)African private real estate fund managerAUM $432million

e q u i t y p a r t n e r s

INVESTED 2013 (41%)Boutique asset managerAUM R4.5billion

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Globally, the pace of urbanisation is increasing. It is predicted that by 2030, 59% of the world’s population will live in cities. For developing countries, this number is 55%, an increase of just under 10 percentage points from current levels. The UN states that over 90% of urbanisation will occur in developing countries.

In 1980, only 28% of Africa’s population lived in cities, rising to 40% in 2010. There are 52 African cities with a population of more than a million, equaling Europe, and surpassing India which has 48.

Modern retail facilities in urban areas are few and far between in sub-Saharan Africa. In the US in 2010 there were 2.5 m² per capita of modern retail space. The corresponding figure for Europe was 1.5. For Zambia it was 0.0029 and for Nigeria, with its massive potential market, 0.0005. As at the end of 2013, the whole SSA’s modern retail mall stock (excluding South Africa) totalled 0.5 mil m² whilst South Africa had a total of 21mil m². This is with a population 16 times bigger than South Africa, and an economy almost threetimes the size of South Africa.

The continent’s rising middle class is increasingly demanding improved retailexperiences. The rise of mobile technology has had a visible impact on African consumers. Local and international news, social media and awareness of products and services available outside of the continent have contributed to the emergence of a savvy middle-class of consumers eager for higher quality products.

Novare launched its first Fund, the Novare Africa Property Fund I in July 2010, raising $81 million predominantly from South African Pension Funds. The Fund’s characteristics made it a perfect fit given the longer term horizon, as well as above-average returns, these investors need. Strong demand to participate in the African growth story as well as the additional portfolio diversification benefits via the 5% that the South African Reserve Bank allows South African Pension Funds to take up in African investments outside of their borders also assisted in creating the strong demand.

The Novare Africa Property Fund II had its first close at 30 June 2014. It was launched due to continued demand investors demonstrated for opportunities managed by reputable and knowledgeable professionals on the sub-continent. The fund closed on 30 June 2016 and raised $351 million. Both funds target returns in excess of 25% net of fees, and are domiciled in Mauritius as well as listed on the Mauritian Stock Exchange.

The Novare Africa Property Fund I made its first investment in the development of the Novare Apo mall (opened June 2012), the first of its kind in the capital of Nigeria and which changed the retail landscape of this prosperous city almost overnight. Shoprite is the anchor tenant, alongside prominent brands like KFC, Mr Price, MTN, LG, Adidas and Samsung.

www.novare-apo.com

I N V E S T M E N T R A T I O N A L E O U R O F F E R I N G

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Further allocations were made to developments across the rest of Africa. The Novare Lekki mall development in Lagos opened in August 2016. With both Shoprite and Game as anchor tenants, it is the biggest mall in Nigeria’s commercial capital.

www.novare- lekki .com

Additional investments include the Novare Gateway centre in Abuja. With Shoprite as the anchor tenant, Novare Gateway opened in November 2017. This is also the group’s largest project so far in Nigeria and includes a second phase that will in future result in significant expansion of the mall.

www.novare-gateway.com

Located in the heart of Abuja’s CBD in the mature Wuse area, which is experiencing a development boom, Novare Central is a mixed-use centre consisting of retail space and A-grade offices. Africa’s largest food retailer, Shoprite, is the anchor retail tenant at Novare Central, which opened in July 2018.

www.novare-central .com

The Novare Matola mall development is located on the busy EN4 highway that connects Maputo in Mozambique to Nelspruit in South Africa. It falls within Matola, a historically industrial area of Maputo, the most populous city in Mozambique, which has developed to become a strong mid-income residential node of Maputo. The retail anchor in this centre, which opened in December 2017, is Premier Superspar.

www.novare-matola.com

Novare’s first foray into Zambia was the Novare Great North mall located along the bustling Great North Road of Lusaka. Situated close to the famous Heroes Stadium, Novare Great North caters to a previously underserved region of Lusaka. The development opened in March 2018 with a second phase scheduled to open in November 2018.

www.novare-greatnorth.com

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Also situated in Zambia’s capital city, the new Novare Pinnacle mall is centrally located in a prime area of Lusaka that is home to residential areas, embassies, top schools and sporting facilities - as well as strong road networks. Novare Pinnacle will add to the diversity of Lusaka’s vibrant retail sector, with Shoprite signed up as the anchor tenant. The development will open in April 2019.

www.novare-pinnacle.com

Novare Twin Palms is an existing shopping mall acquired by the group. The development of a second phase that will significantly extend the centre is underway. The existing mall is doing well with regards to leasing, and Woolworths has signed as the second anchor tenant for the expanded centre. Phase two of Novare twin Palms is scheduled to open in the second quarter of 2019.

www.novare-twinpalms.com

Novare was appointed to undertake the development of Standard Chartered Bank’s head office in Lusaka, Zambia. Construction commenced in July 2018 and agents have been appointed to handle leasing for the balance of the office space not being used by Standard Chartered. The building is expected to open in 2022.

Click here to view the development concept.

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Given the firm’s dedicated focus on the sub-Saharan Africa region, it has built a team with unrivalled knowledge and experience. With expertise in actuarial modelling, investment management, property development and facility management, our team ensures that the funds are expertly allocated and managed. With combined experience of some 270 years, our hands-on Africa team is on the ground in the countries in which we operate.

T H E T E A M

PIERREGROENEWALDchief investment

officer

JAREDHALLIDAY

chief operating officer

SIEWERTGROENEWALDchief financial

officer

DAVEBENNIE

head of leasing: africa

DERRICKROPER

managingdirector

CRAIGLYONSdirector

OLALEEPILE

executivedirector

LUCYRIDCHARSON

head of marketing

MAIQUEBOCA

development manager: mozambique

HEINDU PLESSIS

country head: nigeria

LESLEYLUDICK

project manager:mozambique

CHRISCOETZEE

project manager:zambia

CHRISTOHOFFMANN

centre manager: zambia

HARRYVENTER

centre manager:novare gateway

LERATOKUMALOmanager:

technical solutions

TABISAVUYOKAZI

DYANIinvestment

analyst

JOHN PCAUSEY IV

country head:zambia

BARRYVISSER

country head:mozambique

HENKOLIVIER

manager: financial structuring

NALEDIMONGOATO

manager: financial structuring

JOHANKIRSTEINfinancial structurer

WANJIRUKIRIMA

country head:east africa

GODWIN ADEGBE centre manager:

novare apo

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NAJWADAVIDSfinancial

accountant

CRYSTALTHYSSENassistant

accountant

MARCELLO KLEINSMITH

assistant accountant

PHAPHAMA MNCWANGO

assistant accountant

ELZAANKOTZE

financial manager

CHRISTOPHERHARRYfinancial manager

ANIENMARAISfinancial manager

NEILSWARTZsenior it

administrator

ELENICATACOUZINOSexecutive personal

assistant

ELIZE BOTHA

marketing coordinator

JONATHANMITCHELL

senior graphic designer

EBRAHIMEMANDIEN

senior graphic designer

YONELANTHLALA

social mediaspecialist

CANDICEPOWELL

social mediamarketing assistant

GRANT DAVIDSassistant

accountant

PIETERBORNMAN

project manager:zambia

AUGUSTINEMWENYAconsultant:

zambia

DANIELLAGONĢALVES

lease administrator

VAUGHNFREEMAN

tenant advisor: nigeria

THEODORE VILLETT

technical manager:

nigeria

KATSNYMAN

centre manager: novare central

ROBERTOBENN

centre manager:novare lekki

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NIGERIAN TEAM

HEINDU PLESSIS

country head

CHRISCOETZEE

project manager

DORCASMATO

lease administrator

ATINUKEETTU

project manager

SOLOMONOQUERI

accountant

KATSNYMAN

centre manager: novare central

GODWINADEGBE

centra manager:novare apo

VAUGHNFREEMAN

tenant advisor

MOZAMBIQUE TEAM

BARRYVISSER

country head

DAVEBENNIE

head of leasing: africa

LESLEYLUDICK

project manager

JAREDHALLIDAY

chief operating offi cer

HENKOLIVIER

manager:fi nancial structuring

MAIQUEBOCA

developmentmanager

LERATOKUMALOmanager:

technical solutions

ANGOLA TEAM

MAIQUEBOCA

developmentmanager

OLALEEPILE

executive director

JAREDHALLIDAY

chief operatingoffi cer

DAVEBENNIE

head of leasing:africa

ZAMBIA TEAM EAST AFRICA TEAM

HENKOLIVIER

manager:fi nancial structuring

JOHNCAUSEY

country head

JAREDHALLIDAY

chief operatingoffi cer

AUGUSTINEMWENYAconsultant

DAVEBENNIE

head of leasing:africa

PIETERBORNMAN

project manager

LERATOKUMALOmanager:

technical solutions

JOHANKIRSTEIN

fi nancial structurer

CHRISTO HOFFMANN

centre manager

JAREDHALLIDAY

chief operatingoffi cer

WANJIRUKIRIMA

country head:east africa

HARRYVENTER

centre manager: novare gateway

ROBERTOBENN

centre manager:novare lekki

DISCLAIMERThis document is confidential, private and intended solely for the addressee(s) and clients of Novare Equity Partners (Pty) Ltd (NEP) (Registration No: 2007/020662/07). Copyright in this document created by NEP will remain vested in us and will not be transferred to anyone in part or whole without the prior written consent of NEP. Past performance is not indicative of future returns which may go up or down. No guarantees are provided in relation to portfolio investment performance. Novare’s schedule of fees and charges is available on request.• Novare Equity Partners (Pty) Ltd is an Authorised Financial Services

Provider in terms of the Financial Advisory and Intermediary Services Act No 37 of 2002.FSP No 41836 (CAT I and CAT II).

• NEP is approved by the Financial Services Board as a Section 13B Pension Fund Administrator: 24/ 554.

• NEP is a member of the South African Council of Shopping Centres.• NEP is a member of the South Africa Nigeria Chamber of Commerce.

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