ICON aims at transforming property development in Malawi

Newly-formed ICONS Properties, a subsidiary of NICO Holdings, aims at transforming the real estate landscape to the next level so that they continue to being the market leader.

Kang’ombe House in Lilongwe and Chichiri Shopping Mall are part of ICON’s buildings

Chichiri Shopping Mall in Blantyre

This was said by the director of the Board of ICON Properties Vizenge Kumwenda at a news conference held at NICO Holdings boardroom at Chibisa House in Blantyre’s Central Business District on Tuesday where the company was officially introduced to create awareness of the ICON Properties brand.

Kumwenda said the press briefing served to market the brand to the general public and provide an opportunity to alert both Malawian and international investors of exciting prospects taking place on the property market in Malawi and one of them is that they are in the process of listing on the Malawi Stock Exchange.

“The company wants the public to have a stake in the company for their own economic benefits,”Kumwenda said.

“ICON Properties Limited was born as a result of restructuring of property companies in the NICO Group portfolio as well as through a collaborative process with other investors in Malawi who had investments in properties.

“The company was formed with the objective of owning, leasing, managing and developing of commercial, industrial, and retail properties. ICON’s properties are located in major economic centres in Malawi and include landmarks shopping malls, prime office buildings and key industrial sites.

“Some of the landmark properties include Chichiri Shopping Mall — the largest in Blantyre located at a major junction on key roads connecting various parts of the city; Lilongwe City Mall also located in the busiest commercial district in Lilongwe Old Town and Kang’ombe House which is the tallest commercial office building in Malawi located in the high street of the Capital City Centre,” Kumwenda said.

He added that ICON Properties has assets across all the three regions of Malawi that are well positioned to capture middle and upper class retail spending.

“ICON Properties was incorporated in Malawi on 4th of June 2018 and incorporated to a public limited company on 11th October 2018. The company’s mission is to be at the forefront of success, quality property investment and developments in Malawi and to provide maximum returns for all stakeholders.”

He unveiled that the number of properties in their portfolio is 22 at the value of MK50.04 billion.

“These properties have attracted tenants that comprise market leaders in banking and finance, international  development institutions, United Nations organisations, local blue-chip companies and high-end food and fashion retailers.

The company’s shareholding after its portfolio restructuring as at 1st November 2018 are NICO Life Insurance Company as major shareholder at 63.17%, Pension Funds of Standard Bank, National Bank, Magetsi, Limbe Leaf Tobacco, Illovo Sugar, SUCOMA, Puma Energy, Toyota Malawi, Press Corporation, Associated Pension Trust, National Investment Trust Plc, Investment Alliance Limited, NBC Bank Plc, M.E. Kondowe and Limodzi Investment Limited.

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Kangombe is a property they are renting out on behalf of other owners.
What happened to the deal with Ellis properties of South Africa by the way?

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