Retail-focused property group Hyprop Investments and capital growth fund Attacq have bought Ikeja City Mall, the largest shopping centre in Lagos.
Hyprop has been looking for a sizeable investment in Nigeria, having found fewer acquisition opportunities available in SA in the past year.
Ikeja City Mall is Hyprop’s first investment in Nigeria, with the fund spending roughly $68m for its 75% interest in the mall. Attacq is paying $23m for its 25% stake.
As the largest mall in Lagos it comprises over 22,000m² and has a tenant mix anchored by Shoprite, offering South African brands including Mr Price, Spur, MTN and Markham and international brands including Nike, Lacoste, Tommy Hilfiger, TM Lewin, Mango, i-Store, KFC, and Max Fashion.
Actis and RMB Westport managed the development process from concept to completion: investing the initial equity; raising development finance; managing the construction; securing the tenants; operating the mall and bringing it to market at the right time, working in partnership with Paragon Holdings.
The mall opened its doors in December 2011 fully let, and today attracts up to 800,000 shoppers per month.
Pieter Prinsloo, CEO of Hyprop, commented: “Hyprop is well‐placed to capitalise on opportunities across sub-Saharan Africa, due its partnership with the Atterbury Group and Attacq, whose combined expertise facilitates exploiting opportunities as they arise.”
“This sale reflects the strong retail opportunity in West Africa and the interest of quality institutional investors in sub-Saharan real estate assets. This is the sixth exit from the first Actis real estate fund. It is a continuation of Actis’ proven cash to cash track record of delivering A-grade real estate assets in sub-Saharan Africa, positioned to be attractive to both international and local institutional buyers. Over two funds, Actis has committed to 17 institutional quality developments in seven countries totalling a gross asset value of $1.3bn”, said David Morley, head of Real Estate at Actis.
Frank Obi, group executive director of Paragon Holdings commented “We are pleased to have been a part of this landmark project from its inception to the present. It is a testament to the foresight and resolve of our leadership, and to the position of Lagos State and its government as leading hosts to serious investors in Africa. We look forward to working with quality foreign investors to develop outstanding real estate projects in the years ahead.”
Hyprop has been looking for a sizeable investment in Nigeria, having found fewer acquisition opportunities available in SA in the past year.
As the largest mall in Lagos it comprises over 22,000m² and has a tenant mix anchored by Shoprite, offering South African brands including Mr Price, Spur, MTN and Markham and international brands including Nike, Lacoste, Tommy Hilfiger, TM Lewin, Mango, i-Store, KFC, and Max Fashion.
Actis and RMB Westport managed the development process from concept to completion: investing the initial equity; raising development finance; managing the construction; securing the tenants; operating the mall and bringing it to market at the right time, working in partnership with Paragon Holdings.
The mall opened its doors in December 2011 fully let, and today attracts up to 800,000 shoppers per month.
Pieter Prinsloo, CEO of Hyprop, commented: “Hyprop is well‐placed to capitalise on opportunities across sub-Saharan Africa, due its partnership with the Atterbury Group and Attacq, whose combined expertise facilitates exploiting opportunities as they arise.”
“This sale reflects the strong retail opportunity in West Africa and the interest of quality institutional investors in sub-Saharan real estate assets. This is the sixth exit from the first Actis real estate fund. It is a continuation of Actis’ proven cash to cash track record of delivering A-grade real estate assets in sub-Saharan Africa, positioned to be attractive to both international and local institutional buyers. Over two funds, Actis has committed to 17 institutional quality developments in seven countries totalling a gross asset value of $1.3bn”, said David Morley, head of Real Estate at Actis.
Frank Obi, group executive director of Paragon Holdings commented “We are pleased to have been a part of this landmark project from its inception to the present. It is a testament to the foresight and resolve of our leadership, and to the position of Lagos State and its government as leading hosts to serious investors in Africa. We look forward to working with quality foreign investors to develop outstanding real estate projects in the years ahead.”
Nice article. thanks for share this. i like your blog commenting this post. Thanks for sharing amazing tips. we also provide Real estate firm in Chattarpur. for more information visit on our website.
ReplyDeleteFacebook marketing is the best option to promote your firm and increase sales revenue. Facebook marketing for real estate is all about highlighting the very best of each property and each market. real estate facebook marketing
ReplyDeleteWhen you are looking for an international real estate agent there are different factors to consider. You should have an understanding of the market fluctuations, complete listing of the available properties in Dubai, both completed and in the building phases and an agent that is willing to spend the time needed to find the perfect home, condo, apartment or villa for your money. buy properties in uae
ReplyDeleteThis is because of either their monetary pressure (can't bear to buy a home) or potentially segment patterns (counting Gen-Ys who are less inclined to purchase Real Estate). Calgary Realtor
ReplyDeleteYou make so many great points here that I read your article a couple of times. Your views are in accordance with my own for the most part. This is great content for your readers. fsbo leads
ReplyDeleteVery efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors. Property management marketing Houston
ReplyDeleteGood website! I truly love how it is easy on my eyes it I am wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS which may do the trick? Have a great day!off market real estate for sale in Pittsburgh
ReplyDeleteThank you because you have been willing to share information with us. we will always appreciate all you have done here because I know you are very concerned with our. duplex buying
ReplyDeleteI like your post. It is good to see you verbalize from the heart and clarity on this important subject can be easily observed... best house selling offer in Florida
ReplyDeleteWe are really grateful for your blog post. You will find a lot of approaches after visiting your post. I was exactly searching for. Thanks for such post and please keep it up. Great work. condo for sale
ReplyDeleteVery efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors. working with a realtor form explained
ReplyDeleteVery efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors. Austin Apartment Finder
ReplyDeleteI’m going to read this. I’ll be sure to come back. thanks for sharing. and also This article gives the light in which we can observe the reality. this is very nice one and gives indepth information. thanks for this nice article... riverwalk apartments philadelphia
ReplyDeleteI have read all the comments and suggestions posted by the visitors for this article are very fine,We will wait for your next article so only.Thanks! Apartments for sale in New Capital
ReplyDeleteThanks for a very interesting blog. What else may I get that kind of info written in such a perfect approach? I’ve a undertaking that I am simply now operating on, and I have been at the look out for such info. Riverwalk Apartments Philadelphia
ReplyDeleteThanks for posting such an explanatory post about real estate. I got some useful information from this post.Silicon Valley homes for sale Keep it up.
ReplyDeleteThanks for a very interesting blog. What else may I get that kind of info written in such a perfect approach? I’ve a undertaking that I am simply now operating on, and I have been at the look out for such info. AlgĂ©rie Immobilier العقارات
ReplyDeleteI would also motivate just about every person to save this web page for any favorite assistance to assist posted the appearance. immobilienmakler mĂĽlheim an der ruhr
ReplyDeleteIt is true that, during a certain period of time, depending on the real estate market, client's desire, real estate auctions, there may be moments when a property's price drops, but not forever. Cambodia real estate
ReplyDeleteI really enjoyed reading this post, big fan. Keep up the good work andplease tell me when can you publish more articles or where can I read more on the subject? immobilienmakler mĂĽlheim
ReplyDeleteThanks for every other informative site. The place else may just I get that kind of information written in such an ideal means? I have a venture that I’m just now operating on, and I have been on the look out for such information. Homes For Sale By Owner
ReplyDeleteProperty for Sale in Montenegro from CMM Group, the Award-Winning, Number One Real Estate Agent in Montenegro, Property for Sale Montenegro which specializes in selling Apartments, Townhouses & Villas throughout this beautiful country, including Bar, Budva, Becici, Kotor, Tivat & Herceg Novi.
ReplyDeleteOur office situated in the heart of Budva, is well placed to show you everything that Montenegro has to offer, and our highly experienced International Property Consultants are ready to help you find your dream home here, whether you are after a holiday home, a permanent home or an Investment.
Thanks for posting this info. I just want to let you know that I just check out your site and I find it very interesting and informative. I can't wait to read lots of your posts. real estate companies philadelphia
ReplyDeletehi was just seeing if you minded a comment. i like your website and the thme you picked is super. I will be back. Sell my house Orlando
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteWow, cool post. I’d like to write like this too – taking time and real hard work to make a great article… but I put things off too much and never seem to get started. Thanks though. Buy house in detroit
ReplyDeleteAwesome article, it was exceptionally helpful! I simply began in this and I'm becoming more acquainted with it better! Cheers, keep doing awesome! For sale by owner homes
ReplyDeleteWhen your website or blog goes live for the first time, it is exciting. That is until you realize no one but you and your. Houses in eastpointe mi
ReplyDeleteThe problem comes in when a real estate agent has already gone through their current client list. The best way for them to get more clients is to somehow obtain more real estate leads. casas de férias na international drive orlando
ReplyDeleteCool stuff you have got and you keep update all of us. sell your home for cash Dallas Texas
ReplyDeleteI recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often. sell house divorce allentown
ReplyDeleteYou have a good point here!I totally agree with what you have said!!Thanks for sharing your views...hope more people will read this article!!! the crossings wood station
ReplyDeleteThanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with extra information? It is extremely helpful for me. Rittenhouse Square condominiums
ReplyDeleteThank you because you have been willing to share information with us. we will always appreciate all you have done here because I know you are very concerned with our. rental properties
ReplyDeleteI think this is an informative post and it is very useful and knowledgeable. therefore, I would like to thank you for the efforts you have made in writing this article. real estate agents
ReplyDeleteThese factors all lead to one thing - a higher need for real estate agents to help the buying and selling of all of these properties. vendi la tua casa a Torino
ReplyDeleteOne real estate professional was in a home, garden and hardware store a few calendar weeks ago and went past a couple of guys in an aisle. foreclosure queens ny
ReplyDeleteMany thanks so much for the post you do. I prefer your post and all you tell us is current and quite informative, i wish to bookmark the page so i can come here again to read you, as you have done a great job. Wilmette Homes for Sale
ReplyDeleteCool stuff you have got and you keep update each of us. we are the most trusted provider of real estate data nationwide, we have software which provides data which helps to make informed decisions. Visit us for more info. Real estate wholesaling
ReplyDelete