The University of Zambia (UNZA) Vice Chancellor says the Private Public Partnership (PPP) between the University and East Park Mall is one of the most profitable undertakings that the university has ever engaged in.
UNZA Vice Chancellor Prof. Luke Mumba said this in a congratulatory note issued by UNZA Spokesperson Brenda Bukowa to East Park Mall for winning the first prize the Best Retail Development category at the third Annual Africa Property Investment Summit (API-Summit).
The summit that took place at the Sandton Convention Centre in Johannesburg South Africa on October 2 and 3, 2019, saw East park Mall, which is managed by Graduare Property Development Zambia Limited, emerge as the winner after competing against Landmark Retail Boulevard from Nigeria and Cosmos Yppougon from Cote d’voire.
According to Africa property Investment Events (API-Events) who were the summit organizers, the API awards were established to recognize and promote excellence in Africas’ rising real estate sector and are a critical for measuring success for the industry.
API-Events further stated that the awards provide peer recognition for the pioneering world class work and services being undertaken by the trailblazing real estate in Africa.
The PPP has seen UNZA lease out part of its land to Graduare Property Development Zambia Limited in exchange for a percentage of the gross revenue per month coming from occupancy of various outlets at the shopping mall.
UNZA has heavily invested in projects and income generating activities from proceeds of the partnership aimed at expanding its opportunities to attain self-sustainability.
Prof Mumba said UNZA management is committed to engaging in partnerships such as the one with Graduare Property Development Zambia Limited to ensure that the university can achieve self-sustainability for the promotion of the highest quality of teaching, research and community service for its staff, students and the public.
The PPP terms specify that when the lease period in the agreement expires, the mall will be transferred in full to the university.