May 6, 2021
  • May 6, 2021

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The Palms shopping mall owner, Persianas to buy over Shoprite's assets in Nigeria

A Nigerian property group Persianas has offered to buy a local unit of South Africa's grocery firm Shoprite after the company said it plans to exit the country and other African markets.

According to a Reuters report, quoting three banking sources who say no further details have been disclosed.

Shoprite, with more than 2,300 stores across Africa, is awaiting regulatory approval on the sale of its Nigerian supermarket operation.

Sources said Persianas Properties emerged as the buyer after a bidding process and the company is planning to raise funding for the buyout process as soon as it receives the go-ahead from South Africa's grocery outlet.

The Palms shopping mall, Persianas' flagship mall, houses a Shoprite store in Nigeria's commercial capital, Lagos.

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Shoprite has more than 25 retail stores across Nigeria, including some of the largest in West Africa.

Persianas and Shoprite declined to comment on the deal.

MBO Capital and KPMG advised Persianas while FBN Quest, a unit of FBN Holdings FBNH.LG, is arranging debt, the sources said, adding that Investec advised Shoprite.