1. INTRODUCTION
The Board of Real Estate Investments Zambia PLC (“REIZ PLC or the Company”) wishes to inform its shareholders and the public that effective 1st March 2023, REIZ PLC has entered into a Property Management Agreement (“the Agreement”) with Napoli Property Investment Limited (“Napoli”) in respect of REIZ PLC’s property portfolio.
Napoli is a property management private limited company incorporated in the Republic of Zambia with Registration Number 128403 and currently manages East Park Mall, Acacia Park, Lewanika Centre and Jacaranda Mall among other properties. On the other hand, REIZ PLC is a listed company also incorporated in the Republic of Zambia with Registration Number 10951 which is primarily involved in investment, development and restructuring of commercial and non-commercial property for letting.
Napoli and REIZ PLC are related because they have a common shareholder, Gillian Casilli. Gillian Casilli is a shareholder in Napoli and LM & C Properties Limited. LM & C Properties Limited is a shareholder in REIZ PLC.
Through the Agreement, REIZ PLC has appointed, and Napoli has accepted to provide property management services (“the services”) as set out under Clause 9 of the Agreement for the following properties belonging to REIZ PLC:
TRANSACTION DETAILS
In line with the Listings Requirements of the Lusaka Securities Exchange (“LuSE”), this announcement sets out the major salient details of the Transaction, amongst others, as follows:
The Board believes that the transaction will help the growth of REIZ PLC given Napoli’s expertise and experience.
