October 15, 2019

Everty acquires Cornerstone Tower from African Capital Alliance

Dolapo Omidire

Earlier today, African Capital Alliance (ACA) announced the sale of Cornerstone Tower, a 12,000m2 building in Oniru, Lagos, to a company called Everty. The property was developed by the Capital Alliance Property Investment Company, ACA’s pioneer Real Estate Fund in a joint venture partnership with Cornerstone Insurance Plc. and Fin Insurance. With this exit, the ACA team say that the Cornerstone Tower portfolio investment has delivered a gross USD IRR of 25.6% to CAPIC’s investors.

Every acquires Cornerstone Tower from African Capital Alliance
Every acquires Cornerstone Tower from African Capital Alliance

Obi Nwogugu, speaking for ACA said: “The sale of Cornerstone Tower, shows that there is a market for properly developed assets that meet high-quality, international specifications. Despite the challenges in Nigeria’s real estate market over recent years, it has become increasingly competitive and sophisticated. Our strategy is to invest in assets in optimal locations and to prepare them for discerning space users. We remain focused on asset differentiation and delivering good returns across our portfolio”.

Completed in April 2019,  Cornerstone Tower was designed by Delano Architects and built by BCL Construction with works commencing in late 2015.

Commenting on the transaction, Everty shared a few comments on the sale: “We’re pleased to add Cornerstone Towers to our international real estate portfolio. Everty is committed to investing in assets that are at the cutting edge of design and sustainability, and our purchase of Cornerstone Tower is a testament to that. Nigeria is increasingly becoming an attractive country for companies to invest in, and buildings such as Cornerstone Towers reflect the ambition and innovation happening across the country.”

Cornerstone Tower received an IFC Excellence in Design for Greater Efficiencies (“EDGE”) provisional certification as a green building, a recognition given to encourage developers to reduce their buildings’ energy and water consumption by significant percentages, thus lowering their potential carbon footprint.

A similar transaction also occurred in 2017 when the IFC acquired office space within Alliance Place, a 12-floor office development on Alfred Rewane (Kingsway) Road in Ikoyi.

Read our fund factsheet on CAPIC on the ei Web app.

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