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After 45 years, Africa has a new tallest building

At first, Bart Dorrestein did not intend to build the tallest building in Africa. Initial plans for the Leonardo, in Johannesburg’s upmarket Sandton district, envisaged just 33 storeys of high-end shops, offices and apartments. When those started selling well, the developers — Legacy Holdings, of which he is the chief executive, and Nedbank — added […]

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Is retail the next growth frontier?

Notwithstanding the lull in the economy, there is an increase in shopping malls across the country. This trend is fuelling an unprecedented momentum in the retail sector, thus, positioning it as a significant economic booster. JANE CHIJIOKE writes.

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Nigeria’s empty malls get lonelier as economy stalls

The number of empty stores at shopping malls in Nigeria is growing, mirroring the deteriorating state of the economy, as a large portion of the country’s 200 million people live in poverty. Landlords are gnashing their teeth because beleaguered tenants, struggling with rising rents and service charges, are finding it difficult to honour obligations. Consumers…

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Africa on the real-estate radar

Most SA developers, private equity players and listed property funds that entered the rest of Africa a decade ago, when the continent was still widely punted as the world’s next big growth story, cashed in big time. Back then there was a shortage of formal retail centres and Africa’s rapidly growing and aspiring consumer markets […]

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UPDC REIT fund manager proposes N688.18m final distribution to unit-holders

The unit-holders of UPDC Real Estate Investment Trust (REIT) will be receiving 26kobo per unit in the proposed final distribution totaling N688.18 million for the financial year ended December 2018 as against N517.53 million paid in December 2017. This is contained in the audited financial statement of UPDC REIT as of December 31, 2018, released […]

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Real estate records flat growth as counties delay approvals

Real estate sector growth remained largely flat in the third quarter of this year with rental yields in the commercial office and retail sectors dropping by 0.1 percent and 0.2 percent respectively. A report by Cytonn Investments, itself a real estate player, shows that residential sector remained flat at 4.9 percent in the period under […]

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UPDCREIT Issues Notice of Distributions to Unit Holders

The Investment Committee and the Joint Trustees to the UPDC Real Estate Investment Trust (UPDC REIT) have recommended the following distributions to unit holders: 1. A final distribution of 26 Kobo per unit to unit holders for the year ended 31 December, 2018; 2. An interim distribution of 32 Kobo per unit to unit holders […]

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3-storey building collapses in Lagos

The Director-General, Lagos State Emergency Management Agency (LASEMA), Dr Olufemi Oke-Osanyintolu, said that a three-storey building on Lekki Expressway collapsed at about 7.14 p.m. on Thursday in Lagos.

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Winners for Africa’s Top Real Estate Developments Announced at The 10th API Summit

Property developers, suppliers and owners were provided an opportunity to showcase their best projects and services from across sub-Saharan Africa at the annual Africa Property Investment (API) (APIEvents.com) Awards which were on held on the 2nd of October 2019, at a gala networking dinner held at the exclusive Alice & Fifth Restaurant

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UPDC REIT reports 20% increase in profit after tax for FY 2018

UPDC Real Estate Investment Trust (REIT) has released its full-year audited 2018 results for the year ended 31 December 2018. This was disclosed in a notification addressed and sent to the Nigerian Stock Exchange.

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