ALS Group begins €339M luxury complex construction in Douala

The ALS Group, led by CEO Rodolphe Simo Kam, has commenced construction on a €339.4 million (approximately $380 million) mixed-use complex in Douala, Cameroon. The development, known as the Kempinski Shekinah Palace Douala Bonanjo, will feature a 214-room luxury hotel to be operated by the Swiss hospitality group Kempinski Hotels.

The project includes serviced apartments, office spaces, retail areas, restaurants, and a 2,000-seat conference hall. Construction is expected to span 36 months.

The financing for the project is structured through a combination of €157.5 million in shareholder equity, €140.7 million in senior debt, and €41.2 million from real estate sales and other sources. Key financial institutions involved in the transaction include the Development Bank of the Central African States (BDEAC), Afreximbank, and BGFIBank, with BGFIBank Cameroon serving as the arranger and financing agent.