Standard Bank, Africa’s largest lender by assets and market capitalisation, has provided R566m ($49.97m) development funding to Menlyn Maine Investment Holdings to finance the construction of a mixed-use retail and commercial property in South Africa’s capital city of Tshwane.

Gary Garrett, Head of Real Estate Finance at Standard Bank, said: “Standard Bank is proud to be associated with the development of Menlyn Maine Central Square.”

“We are delighted to be part of this key development node and the fact that this will be Africa’s first Green City Precinct is an important socio-economic and environmental accolade for the Gauteng Province and the City of Tshwane,” he said.

The Menlyn Maine precinct is the prime business address in Tshwane and is envisioned to become South Africa’s first Green Living Precinct.

The precinct already houses blue chip corporate tenants including Investec, Rand Merchant Bank, Deloitte, Santam and PricewaterhouseCoopers.

The newer central square will accommodate a Virgin Active Classic, a concept Spar, Woolworths and a number of the major South African Banks, being the major anchor tenants for a 30,000m² Boutique convenience mall arranged around a central square with upmarket restaurants and a 10,000m² hotel.

All of Menlyn Maine’s buildings have been designed with the aim of achieving a best practice four-star rating from the Green Building Council of South Africa and the development is one of only 17 projects worldwide to be selected to work with the Clinton Climate Initiative (CCI).

“Standard Bank believes in the strong real estate fundamentals of the Menlyn Maine precinct, its status as a key mixed-use development node and its sustainable design. Our in depth understanding of the node coupled with an innovative structure, has translated into a debt solution that meets our client’s specific requirements,” said Garrett.

The broader Menlyn Maine precinct, which is expected to cost approximately R8 billion ($706m) once completed, was first promulgated through a land assembly that commenced seven years ago and resulted in the densification of an existing low-density residential suburb.

Access to the precinct was boosted by the completion of upgrades to the Garsfontein and Atterbury off ramps on the N1 highway and will now be further enhanced by a fly-over providing direct access from Atterbury to the Menlyn Maine Central Square.

Menlyn Maine will be further enhanced by a potential R3.0bn ($265m) investment by Sun International, which would comprise of a five-star hotel and conference centre with 100 luxury rooms, ten suites and an 8,000 seat indoor entertainment arena.

“We have no doubt that Menlyn Maine, South Africa’s first green city in the making will prove to be the most desirable address of choice to live, work, play, stay and invest in the city of Tshwane,” said Henk Boogertman, Director of Menlyn Maine Investment Holdings.