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Shoprite controls 22% of Nigeria’s formal retail, their future in Nigeria will be driven by indigenous retailers

The Nigeria Shoprite knew when they made entry through the launch of The Palms in December 2005 is a sharp contrast to its current condition. Little formal retail competition, a stable currency and much higher GDP growth rates were core themes in Nigeria’s story about a decade ago and as a result, Shoprite’s business grew…

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Why these 10 Properties have been under construction for up to 5 years or more

The matrix below profiles 10 commercial real estate developments that have been under construction for at least 5 years.  While there are a number of property-specific reasons these individual project timelines have stretched out, we can use them as case studies to identify key wider market themes that describe this trend.

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Nigerian Real Estate and COVID in 19 Slides

Nigerian Real Estate and COVID in 19 Slides

In this report, we will focus on the impact this pandemic will have on the real estate market in Nigeria. So far, key themes include mass concessions, re-negotiation and restructuring activity, slowed decision making, stretched out project deliveries due to the lockdown and more.

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The rationale behind completing Nigeria's largest mall in Kano during 2014

Kano had Nigeria’s largest shopping mall in 2014 – Here’s why investors thought it was a good idea

Since it’s completion, the centre has suffered low occupancy rates and high tenant churn. In the first instance, it may appear easy to foretell the underperformance of a large formal shopping centre in a low-income Nigerian city and advise otherwise. Thinking retrospectively, however, it is also quite easy to understand why a case for the…

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How to build the ideal pan-African Real Estate Service business

Background Business activity within the last decade has shown us that African real estate service businesses are rather difficult to build. Advising clients on the best brokerage deals, giving tenants good representation and providing value-adding portfolio management services, requires in-depth knowledge and a thorough understanding of local markets. For a pan-African or international business looking…

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It is time for Nigerian REITs to ditch residential properties

Research Note: It is time for Nigerian REITs to ditch residential properties

There are three listed REITs on the Nigerian Stock Exchange with a total market size of ₦24.9 Billion as of Oct. 31st, 2019. Though it represents the largest property sector in any country, Nigerian residential assets typically produce the lowest income/rental yields between 5 and 6%. So why do Nigerian REITs, who have an investment…

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West Hills Mall in Greater Accra, Ghana. Image Source: ARC Architects

West Africa’s largest mall might be under pressure

Since it was completed in 2014, West Hills Mall has been the largest modern shopping centre in West Africa. At 27,700m², it trumps the 24,000m² Ado Bayero Mall in Kano, Nigeria (also completed in 2014) and is larger than the 25,000m² Jabi Lake Mall in Abuja, Nigeria, which opened in late 2015. Though the centre…

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UPDC REIT Factbox

Earnings Report Overview – UPDC REIT FY:2018

Earlier this month, UPDC REIT released its full-year audited financial statements for the year ended 31 December, 2018. It reported a Profit After Tax of ₦2.64 Billion, which is a 19.76% increase from the previous year. The improved performance is a result of the…

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Comparison of Achimota and Accra Mall

Achimota Mall and Circle Mall – which do you think will fare better in the long run?

Even though institutional investment in modern shopping centres within West Africa is a concept a few years older than a decade, the market has been through some rough cycles. Large pan African funds, indigenous investors and others with capital, are currently grappling with the realities of volatile African markets, which have changed and are still…

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How do Africans pay rent?

How do Africans pay rent?

A good number of us have had to pay residential rents at a point in our lives. Two key things we have come across are the frequency at which rent is paid and how much is required as an upfront payment. Speaking to our contacts in a couple of African cities, we were able to…

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