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Masterpiece Shopping Mall, Kigali

📑 15 slides 👁 35 views 📅 3/11/2026 📄 PDF
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Introduction to Masterpiece Mall

Masterpiece Shopping Mall is a premier retail destination in Kigali, Rwanda.

Introduction to Masterpiece Mall
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Retail Modernization in Kigali

  • Kigali's retail sector is shifting from informal markets to organized formats.
  • Over 25,000 SQM of retail space added recently, with high suburban occupancy.
  • Major retailers include Simba Supermarket, Nakumatt, and Carrefour Market.
  • International F&B brands like KFC and Java House are thriving alongside local businesses.
Retail Modernization in Kigali
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Masterpiece Mall Overview

  • Covers 2 hectares (20,800 SQM) at Kigali's busiest junction.
  • First mall encountered by visitors arriving in Rwanda.
  • Multiple entrances ensure excellent accessibility and visibility.
  • Anchored by large corporate and supermarket tenants.
Masterpiece Mall Overview
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Income Profile

  • Top 5 tenants contribute 78% of total headline rent annually.
  • Positivo BGH leads with 22% of rent, followed by CCI at 18%.
  • Molato Restaurant accounts for 12% of total rent.
  • Tenants include national and international businesses.
Income Profile
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Tenant Mix

  • 21 tenants occupy 8,509 SQM across services, F&B, and retail.
  • Services & Offices: 59.7% (5,079 SQM), including CCI and SPIRO.
  • Food & Beverage: 21.1% (1,795 SQM), featuring W2Y Supermarket and Molato.
  • Retail & Fashion: 19.1% (1,625 SQM), with FODECO and Kraftland.
Tenant Mix
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Top 5 Tenants by Area

  • CCI Enterprises: 3,879 SQM (45.5%), BPO services.
  • W2Y Supermarket: 780 SQM (9.2%), grocery retail.
  • SPIRO: 755 SQM (8.9%), electric mobility solutions.
  • Molato Group: 650 SQM (7.6%), restaurant and bar.
Top 5 Tenants by Area
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Key Tenant Profiles

  • W2Y Supermarket: 780 SQM, serving daily consumer needs.
  • Molato Restaurant: 650 SQM, popular dining destination.
  • CCI Global: 3,879 SQM, international BPO provider.
  • SPIRO: 755 SQM, leading electric mobility company.
Key Tenant Profiles
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Top 5 Tenants by Rent

  • CCI Enterprises: RWF 49.8M monthly, USD 10.89 PSQM.
  • W2Y Supermarket: RWF 12.4M monthly, USD 13.50 PSQM.
  • SPIRO: RWF 13.9M monthly, USD 15.60 PSQM.
  • Molato Group: RWF 5.2M monthly, USD 6.75 PSQM.
Top 5 Tenants by Rent
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Rental Policy Summary

  • PSQM ranges from USD 2.62 to USD 15.88 excl. VAT.
  • Average PSQM: ~USD 12.21 excl. VAT.
  • 18 tenants on RWF contracts, 3 on USD contracts.
  • Service charge rules vary by tenant size.
Rental Policy Summary
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Tenancy Schedule

  • CCI Enterprises: Lease expires Jul 2030 (USD contract).
  • W2Y Supermarket: Lease expires Jul 2027 (USD contract).
  • SPIRO: Lease expires Feb 2030 (RWF contract).
  • Molato Group: Lease expires Dec 2031 (RWF contract).
Tenancy Schedule
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Lease Expiry Profile

  • 13 leases expire in 2026, mainly smaller F&B and retail units.
  • 3 leases expire in 2027, including Seo More Bakery.
  • 3 leases expire in 2030, providing medium-term stability.
  • Molato Group lease extends to 2031, a long-term anchor.
Lease Expiry Profile
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Service Providers

  • Gardaworld Rwanda: Security services until Jan 2027.
  • ITEC International: Parking management until Aug 2026.
  • Ubumwe Cleaning: Garbage collection until May 2025.
  • Eric CCTV Technician: Maintenance until Jul 2026.
Service Providers
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Key Tenancy Considerations

  • CCI occupies 45.5% of space, a single-tenant risk.
  • 2026 lease cliff: 13 leases expiring, requiring renewal strategy.
  • 678 SQM of vacant space available for new lettings.
  • 3 USD-denominated leases provide FX hedging.
Key Tenancy Considerations
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Asset Management

  • Tenant-first approach ensures smooth operations.
  • 85% occupancy maintained with competitive rental rates.
  • Infrastructure includes generator backup and 180+ parking spaces.
  • Prime location near airport ensures sustained interest.
Asset Management
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Conclusion & Unique Selling Points

  • Masterpiece Mall combines modern retail with local and international brands.
  • Strategic location and diverse tenant mix drive success.
  • Proactive asset management ensures high occupancy and tenant satisfaction.
  • Inclusive design welcomes families, professionals, and tourists alike.
Conclusion & Unique Selling Points
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