In 2008, our property fund, Ascencia, embarked on an ambitious journey into the uncharted territory of the real estate sector. What began as a visionary endeavour has since evolved into an extraordinary 15-year success story that has not only reshaped the commercial real estate sector but has also left an enduring impact on the vibrant community of Mauritius.
As Ascencia commemorates its 15th anniversary, it is clear that this company, part of the Rogers Group, has not only shaped singular places but has also enriched the very essence of Mauritius itself. As we celebrate the company’s journey, we eagerly anticipate the continued growth, innovation, and prosperity it will bring to both its stakeholders and the nation as a whole.
A Vision Transformed into Reality
Ascencia's inception marked the start of a remarkable voyage, underpinned by a vision of diversification and growth. This vision, once merely an idea, has now become a dynamic force that has transformed the lives of Mauritians in ways that were once unimaginable.
Strategic Expansion and Acquisitions
The journey commenced with strategic acquisitions in 2008, including Riche Terre Mall and Phoenix Mall, coupled with the acquisition of three supermarkets. These strategic moves swiftly propelled Ascencia into a leading position within Mauritius' commercial real estate sector. The subsequent acquisition of Bagatelle Mall in 2013, Les Allées, and Kendra, followed by the construction of So'flo in 2018 and Bo'Valon Mall in 2019, further solidified its presence on the island. These shopping centers swiftly became integral components of the Mauritian landscape, attracting locals and tourists alike.
Driving Economic Growth and Fostering Employment
Ascencia's role in Mauritius extends beyond bricks and mortar. The company has played a pivotal role in driving economic growth, creating thousands of jobs nationwide by welcoming local and global brands like Decathlon, Kiabi, Lacoste, Hugo Boss, GIFI, Conforama, and others, enhancing the island's retail landscape. Its investments in infrastructure and technology, facilitated by the development of seven shopping centers, have significantly contributed to the nation's economic prosperity. These centers have not only enriched the retail landscape but have also provided a platform for local and international businesses to flourish, further bolstering foreign investment in Mauritius.
Shaping Singular Places
Central to Ascencia's success is its commitment to "Shape Singular Places." Beyond creating shopping centers, Ascencia strives to craft exceptional environments for the community. Over the past 15 years, these seven shopping centers have become more than commercial spaces; they have become cherished destinations that resonate with the heart and soul of Mauritians and tourists alike.
Community Collaboration and Empowering Local Entrepreneurs
Recognising the integral role of community support in achieving success, Ascencia has forged strong partnerships with local entities, actively contributing to the growth of a resilient and sustainable Mauritian economy. Initiatives like "B’Local" have cultivated local entrepreneurship, offering opportunities for growth. More recently, the company has joined forces with La Turbine with the objective of allowing La Turbine-incubated startups to test their products in Ascencia shopping malls and support sustainable development by promoting solutions with a positive impact.
Commitment to Sustainability and Inclusion in SEM Sustainability Index
Ascencia is resolutely committed to addressing sustainability challenges, adopting sustainable management practices, and cleaner technologies. Its inclusion in the SEM Sustainability Index underscores its holistic approach to economic, environmental, social, and governance sustainability.
Innovation and Resilience Amid Challenges
In the face of global challenges, Ascencia has demonstrated innovation and resilience. Initiatives such as "SafeShopping" have provided support to its tenants during uncertain times, ensuring a secure shopping environment. The inception of 42 Market Street at Bagatelle Mall, born after the initial lockdown in 2020, was created to provide space for Small and Medium Enterprises (SMEs) in the mall's new wing, offering a unique experience to customers. As consumer habits evolve, Ascencia continues to adapt and improve its offerings. In 2022, the introduction of Phoenix Mall Station, an integrated metro system within the shopping mall, marked a groundbreaking step toward a new shopping lifestyle.
Financial Success and Market Recognition
Ascencia's financial success is undeniable, with remarkable growth from Rs 1,3M in assets in 2008 to Rs 16bn in 2023. Profits soared from Rs 9,5M to Rs 1,06bn during the same period. In 2021, Ascencia made its debut on the official market of the Stock Exchange of Mauritius (SEM), securing a prestigious position within the Top-10 list of the SEM. For the period ended on 30 June 2023, the company registered an increase in its average monthly footfall of 11.7% reaching 1,938,898 with a rise in its average trading density of 14.5%. On October 25, 2023, the company's market capitalization amounted to Rs 9.36 billion.
