Standard Bank Properties in South Africa negotiated the lease agreement with a Tanzanian landowner and arranged the finance for the development through group resources in SA and Tanzania.

"This 10-year lease agreement at fixed rates is a first for Tanzania and represents the confidence that Stanbic has in its growth and expansion plans in Africa," said Rory Roriston, director of Standard Bank Properties.

"The existing operation had not only outgrown its current premises in the Dar es Salaam CBD but it also wished to portray a more upmarket image," he said. The building was designed in partnership by MDS Architects in South Africa and MD Consultancy in Tanzania. Murray and Roberts Tanzania are the builders.