Nigerian Institutional Investor Puts Four Grade A Malls Up For Sale
Bisi Adedun . a year ago
Nigerian retail
novare
Novare Apo Mall
Novare Central
Novare Gateway Mall
Novare Lekki Mall

Share this post
Subscribe to our newsletter
Article Summary: On Monday, 11th of September, 2023 a Nigerian Institutional Investor listed their assets for sale in a local Nigerian publication. The Grade A developments include three retail malls and one mixed-use commercial property comprising office and retail spaces. Asset Restructuring and Downsizing Expected Amid Forex Liberalisation Following the liberalisation of Nigeria's foreign exchange rate,…
On Monday, 11th of September, 2023 a Nigerian Institutional Investor listed their assets for sale in a local Nigerian publication. The Grade A developments include three retail malls and one mixed-use commercial property comprising office and retail spaces.
Asset Restructuring and Downsizing Expected Amid Forex Liberalisation
Following the liberalisation of Nigeria’s foreign exchange rate, we expect to see real estate demand in prime office and retail assets change. We anticipate that tenants will start to downsize or reduce space requirements to manage the cost increase and maintain profitability.
As the search for liquidity among large scale institutional assets owners continues, purchase interest has been low.
Below we highlight the key details of the retail developments on sale
Lekki Mall

Lekki Mall, Sangotedo, Lagos
Developer: Novare
Size: 21,000 m2
Location: Off Lekki-Ajah Expressway, Sangotedo, Lagos
Completion Date: August 2016
Occupancy Rate: 92% (as of June, 2023)
Annual footfall: 5.7 million (as of December, 2022)
Anchor Tenants: Shoprite, Lifemate, JED Lifestyle, Miniso, Bedmate, Genesis Deluxe Cinema, Krispy Kreme
Apo Mall
Apo Mall, Abuja
Developer: Novare
JV Developer: Grand Towers
Size: 8,000 m2
Location: Cadastral Zone B14, Dutse, Abuja
Completion Date: January 2012
Occupancy Rate: 97% (as of June, 2023)
Annual footfall: 1.7 million (as of December, 2022)
Anchor Tenants: Shoprite, JED Lifestyle & Megastores, PEP, BAFFI Furniture, Krispy Kreme, Miniso, Blue Fox Lounge
Gateway Mall
Gateway Mall, Abuja
Developer: Novare
Size: 14,000 m2
Location: Kilometre 8 Along Airport Road – Abuccima Land, Abuja
Completion Date: January 2017
Occupancy Rate: 94% (as of June, 2023)
Annual footfall: 3.6 million (as of December, 2022)
Anchor Tenants: Shoprite, BAFFI Furniture, Funworld, Genesis Deluxe Cinema, EHA Clinics, Scanfrost
Novare Central
Novare Central, Abuja
Developer: Novare
Size: 11,000 m2
Location: Wuse Zone 5, Off Michael Opara Way, Abuja
Completion Date: January 2018
Retail Occupancy Rate: 95% (as of June, 2023)
Commercial Occupancy Rate: 88% (as of June, 2023)
Anchor Tenants: Shoprite, The Vue, Esteem Furniture, Active Leisure
Pipeline Data Shows a Preference Shift to Hypermarkets and Plazas

Nigerian retail market performance
Estate Intel’s 2023 Lagos Real Estate Pipeline Report highlights that there has been a recent shift in preference to locally-owned hypermarkets and plazas due to a relatively shorter delivery window and flexibility that helps lessen the impact of economic headwinds in the country. As such, there has been marked increase in the demand and supply of hypermarkets and plazas compared to Grade A malls.
Estate Intel loves your feedback! Let the Insights team know what you think about Nigeria’s retail market, by emailing [email protected].
Subscribe to ei Pro to access affordable real estate data such as; sales rates, yields, supply drivers, and information on key real estate market participants who are active in the market.
Related News
You will find these interesting

Dolapo Omidire . December 2017
Updated – Development: Novare Central, Wuse Zone V – Abuja
abuja
africa

Dolapo Omidire . December 2017
Updated – Development: Gateway Mall, Lugbe, Abuja – FCT
abuja
mall

Dolapo Omidire . March 2017
IFC Mulls Financing Package for Novare’s First Zambian Retail Project
africa
development