Far Property enters Zambian market

FPC, whose main shareholders; Ramachandran Ottapathu and Farouk Ismail are also the largest holders of shares in Choppies, predominantly operates in Botswana with 161 properties worth P1.1 billion. The company also has operations in South Africa where it holds 23 properties with a value of R263 million.

According to the company’s 2017 annual report, the new Zambian property was transferred to the group in August 2017. “This investment is FPC’s first Zambian property, diversifying the geographic reach of the portfolio. Choppies is the anchor tenant of the new centre. FPC will take advantage of Choppies strategy of targeting growth in the underserved Zambian market, which has little formal retail penetration but one of the fastest growing populations in sub-Saharan Africa. Other notable tenants are Standard Chartered Bank Zambia Limited, Stanbic Bank of Zambia Limited, Finance Bank of Zambia Limited, First National Bank of Zambia Limited, AB Bank of Zambia Limited and List Café,” the company stated.