On the 1st of April, AttAcq and Hyprop, the Owners of Ikeja City Mall, advised its shareholders that the longstop date to implement the sale of the asset has been extended to 30 June 2022, due to the ongoing US dollar liquidity constraints in Nigeria. Note that in 2020, AttAcq and Hyprop entered into an agreement for the mall to be purchased by Actis, via their new funds called the Actis Africa Sustainable Real Estate Income Fund and Actis West Africa REIF LP.  In May 2021, the long stop date for the transaction was also extended to 31 July 2021 due to similar liquidity constraints.

According to the note published, both parties remain committed to the transaction, hence it was agreed to proceed with a fully compliant merger application to the Federal Competition and Consumer Protection Commission of Nigeria in the interim to reiterate commitment and take some steps forward. The extension of the longstop date is conditional on the purchaser submitting a fully compliant merger application on or before 31 May 2022, failing which the longstop date shall be 31 May 2022.`