The African Reinsurance Corporation (Africa Re) is currently developing two prime residential properties in Victoria Island and Ikoyi, adding to their portfolio of existing property assets in Lagos, Nairobi and Morocco.
The first project currently under construction in Ikoyi (pictured below), is located on Inupa Drive and includes a 3 floor residential apartment block and a number of terraces along with other prime amenities such as a swimming pool, gym etc.
The second is a high-rise apartment block located in Victoria Island on Akarigbere Close, off Idejo Street. Both developments have the same project team with Interstate acting as the project architect, Arup as structural engineers and Rabiu-Mid Associates as project managers. The only exceptions are the main contractors, as Charvet is the main contractor for the Ikoyi project, while Vita Construction are same for the project in Victoria Island.
At the end of 2015, the market value of Africa Re’s assets across the continent was USD$51.85m (Lagos HQ – $38.89m; Nairobi Office – $8.13m, Casablanca Office – $4.83m), however they currently only classify and value the lettable portion of these properties as ‘Investment Property’. This lettable portion does not include any part of the buildings occupied by companies within the Africa Re Group. It is possible that these residential properties may be classified similarly if the properties are fully occupied by staff of Africa Re.
Estimated completion for the Ikoyi project is year end 2017, while the Victoria Island project may be H2:2018.
See the project summary for both projects below.
- Name: Africa RE Insurance Residential Development;
- Project 1 Location: 1 Inupa Drive, Off Queens/Oyinkan Abayomi Drive, Ikoyi Lagos;
- Project 2 Location: 19/20 Akarigbere Close, Off Idejo Street, Victoria Island, Lagos;
- Use: Residential;
- Developer: African Reinsurance Corporation;
- Developer Representative: Yusuf and Partners;
- Project Managers: Rabiu Mid Associates;
- Project 1 Main Contractor: Charvet Construction;
- Project 2 Main Contractor: Vita Construction;
- Architect: Interstate Architects;
- Structural Engineers: Ove Arup & Partners Nigeria Limited;
- Mechanical&Structural Engineers: Unecon Associates;
- Quantity Surveyors: BQC Consultants Limited.