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Mr. Price to exit Nigeria by H1:2021

During their most recent Annual Results Presentation Webcast, the Mr. Price Group announced their plans to exit their Nigeria business. The publicly traded retail company with headquarters in South Africa has apparel, homeware and sportswear stores in its portfolio. According to their website, the group is in 1,323 stores globally, 5 of which were originally […]

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Newly Appointed Oniru of Iruland freezes family accounts

On Tuesday, June 9th, 2020, the Oniru Royal Family issued a public notice announcing the appointment of Oba Gbolahan Lawal as the Oniru of Iruland. The public notice signed by the newly appointed Oniru and the counsel to the royal family instructed all bankers to place a Post No Debit (PND) order on the family’s […]

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Workstation is now benchmarking pricing of their coworking spaces to the Dollar, here’s why

On the 29th of April, Workstation announced that the billing and invoicing of their plans will be denominated in USD with an option to be paid in Naira. This evening, however, the company has updated and clarified that pricing will instead be benchmarked to USD but invoicing and payment will remain in Naira. The company […]

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5 Real Estate Companies given the Pioneer Status Incentive

Last month the Nigerian Investment Promotion Commission (NIPC) published details of Pioneer Certificates that were issued and cancelled in the year 2019. The Pioneer Status Incentive was established by the Industrial Development (Income Tax Relief) Act, No 22 of 1971 and is a tax holiday that grants qualifying industries and products relief from payment of […]

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Comparison: Million Dollar Apartments along the Bourdillon-Alexander-Gerrard (BAG) Road Stretch in Ikoyi

Development starts for mega residential projects in Ikoyi, Victoria Island and Oniru have grown consistently in spite of high vacancies in the luxury segment. Along the Bourdillon-Alexander-Gerrard (BAG) Road Stretch,  2 mega residential developments were recently completed, 5 are currently under construction and 3 are in the conceptual/early development phase. Here is a side by […]

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Corona Virus and the Nigerian Real Estate Market

It’s been over 10 weeks since the first case of Corona Virus was announced in Wuhan, China and concerns around the virus have evolved from that of the health of the global population but also the health of its capital markets. The benchmark index for Hong Kong Stock Exchange has been down over 2% year-to-date, […]

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7 Office Buildings in Lagos with Occupancy Rates between 90% and 100%

In our most recently published note, we considered the poor performance seen by a handful of B Grade buildings which have been left unoccupied for over 5 years. As we mentioned, some properties, however, have been able to reach near or full occupancy despite the market turmoil. The list below highlights a handful of those […]

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5 Office Buildings that have been 100% Vacant for Over 5 Years

After the end of an eventful decade that saw over 300,000sqm of space being delivered to the Lagos Office Market, there is still a healthy statewide development pipeline of over 120,000sqm. Despite the existing supply overhang and a low take-up as shown by occupiers shuffling between A & B Grade Offices, Converted Residential Buildings and […]

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Development: NDIC Lekki Training Office Building, Lekki Phase 1 – Lagos

Project Name: Nigeria Deposit Insurance Corporation (NDIC) Lekki Training Office Building; Developer: Nigeria Deposit Insurance Corporation (NDIC); Use: Mixed-use; Location: C & I Leasing Drive, off Bisola Durosinmi Etti Drive, Lekki Phase 1, Lagos; Main Contractor: AG Ferrero and Co Limited; Structural Engineer: Ad -Team Limited; MEP Engineer: Integrated Engineering Associates; Architect: Liege Consultants; Land […]

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Development: The Oceanna, Water Corporation Drive, Oniru-Lagos.

Name: The Oceanna Towers; Location: Water Corporation Drive, Oniru; No of Towers: 4; Use: Mixed Use ( Hospitality, Office, and Residential); Developers: Grenadines Homes; Architects: Ecad Architects; Design Architects: HOK Architects (London); Contractor: Cappa and D’Alberto Plc; Structural Engineers: Morgan Omonitan & Abe Ltd; Mechanical and Electrical Engineers: CA Consultants Ltd; M.E.P Subcontractor: Lambert Electronic; […]

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