Lagos – 21 November 2022 – Purple Real Estate Income PLC (“PREIP” or “Purple”), Nigeria’s breakthrough real estate investment platform, announces its Initial Public Offer opens today (21 November 2022). The Offer will be open for 25 working days, closing at midnight on 23 December 2022. This is the platform’s first offering available to all investors and following completion, Purple shares will be listed on the main market of the Nigerian Exchange (NGX), the regulated market managed by Nigerian Exchange Group. 

Incorporated in 2014, Purple developed its flagship asset, PurpleMaryland (formerly known as the Maryland Mall), a market-shaping asset which opened its doors to customers in 2016 – introducing the largest outdoor LED screen in West Africa. Purple has five directly controlled subsidiaries: Maryland Mall Limited, Purple Proptech Limited, Lekki Retailtainment Limited, Cible Media Limited, and Purple Asset Managers Limited, with full ownership of all subsidiaries. In March 2022, by virtue of a Scheme of Merger, Purple merged with its subsidiary, PREDCO. Backed by prominent investors, Purple has recorded significant growth with current total assets in excess of ₦26.4 billion in FY2021.

From today the group is offering up to 2 billion new ordinary shares of the company via a public offer for sale. Purple intends to use the proceeds from the Offer to expand the group’s existing portfolio by diversifying its new lines of business and geographies to create more inclusive homeownership opportunities for Nigerians across the country.

The country’s real estate sector offers many prospects, particularly for consumers increasingly demanding all-inclusive living, blending high-quality lifestyle offerings with residential and commercial assets. 

Purple is an integrated business delivering a new generation of real estate, property and lifestyle services to households and companies in Nigeria. Continuing this mission with PurpleLekki, the new construction will nurture tech-empowered communities and offer best-in-class entertainment, retail and hospitality with its experiential offering PurplePlay. Leveraging proptech, Purple creates a unique ecosystem of interconnected products offline and in the cloud, with the primary objective of building productive atmospheres that enable social and economic mobility.

Citadines, Purple’s new serviced apartment offering for occupiers, is part of a forward plan to build on its strong foundation to bring state-of-the-art homes, working infrastructure and purpose-built student accommodation to prime locations where there is an unmet need.

Commenting on the Offer launch, Laide Agboola, Chief Executive Officer, Purple, said: “Today is a significant step for the evolution of Nigeria’s real estate sector. By opening up participation in the real estate market to a new wave of Nigerian investors, Purple is delivering on our mission to democratise access to real estate in Nigeria. Additionally, by delivering on an expanded pipeline of new projects in a range of asset classes, we are providing new investment opportunities focused on stabilised, income-generating properties that respond to the fundamental changes to how communities in Nigeria want to work, consume and live. 

In line with Purple’s ambition to provide retail investors with technology-enabled access to real estate as an asset class, we have made available the initial public Offer online – http://purple.xyz/invest, while also making it available through our network of issuing houses and banks. We want every Nigerian to have the opportunity to participate as Nigeria’s real estate sector evolves.”

Offer details

The Offer will be conducted through:

• Listing: The New Ordinary Shares will be listed on NGX under a new ticket symbol to be advised. 
• Offer Size: ₦10 billion Equity Offer representing an IPO of 2,000,000,000 Ordinary Shares at N5 per share. 
• Availability:  The Offer will be available during the Validity Period which runs from 21 November 2022 to 23 December 2022.
• Method of Issue: Under the Offer, New Ordinary Shares will be sold via an Initial Public Offer (IPO); as approved by the SEC.
• Use of Proceeds: The net proceeds of the Offer will be disbursed to the Company for the purpose of debt refinancing, development of Lekki Retailtainment, cost of Issue refinancing and to meet working capital needs whilst positioning Purple for the acquisition of income-producing real estate such as Mansard Place amongst others. 

The Process

The Offer will be open from midnight on 21 November. The Offer will close at midnight on 23 December. Interested investors can find full details of how to place orders and subscribe for shares as well as answers to a wide range of questions at http://purple.xyz/invest

Applying for Shares
Interested investors should use the approved channels listed below to place orders and subscribe for shares. You can find full detailed information at http://purple.xyz/invest or consult with your stockbroker or banker for further guidance. 

• Investor proposition and all documents can be gotten from – http://purple.xyz/invest 
• Investors can apply via the app platform:  http://invest.purple.xyz

Receiving Agents: To submit an application for shares through the receiving agents – issuing houses and stockbrokers and banks, investors will need to:

• ­Complete an application form;
• ­Submit the completed application form and evidence of payment to a Receiving Agent; 
• ­For Banks, an application can be completed at the bank branches nationwide and payments processed at the same bank branch. Stanbic IBTC Bank Plc and First Bank of Nigeria Plc are receiving banks to the Offer.

A Bank Verification Number (BVN) is required to register and investors will need to have a CSCS account number to complete the transaction. If you do not have a CSCS account, your stockbroker can assist in setting one up for you, before completing your application. A CSCS account can also be created for you as part of the application process.

Issuing houses, stockbrokers, registrars and receiving banks

Transaction advisors who can assist with your application are as follows:

• • Lead Issuing House: Emerging Africa Group

• Joint Stockbrokers to the Offer: CardinalStone Securities Limited, FBNQuest Securities Limited, and Stanbic IBTC Stockbrokers Limited

• Registrars: CardinalStone Registrars Limited

• Receiving Banks: FirstBank, Jaiz Bank, and Stanbic IBTC Bank

Receiving Agents 

A full directory of receiving agents registered and authorised by the Securities & Exchange Commission to receive your applications are as follows:

Banks

Access Bank PLC  Citibank Nigeria Limited  Coronation Merchant Bank Limited  Ecobank Nigeria PLC FBNQuest Merchant Bank Limited  Fidelity Bank PLC

First Bank of Nigeria Limited First City Monument Bank Limited  FSDH Merchant Bank Limited  Guaranty Trust Bank PLC  Heritage Bank PLC  Jaiz Bank PLC  Keystone Bank Limited

Nova Merchant Bank Polaris Bank Limited Providus Bank PLC  Rand Merchant Bank Nigeria Limited  Stanbic IBTC Bank PLC Standard Chartered Bank Nigeria Limited

Sterling Bank PLC  Suntrust Bank PLC Union Bank of Nigeria PLC United Bank for Africa PLC Unity Bank PLC  Wema Bank PLC  Zenith Bank PLC

Stockbrokers and others

Absa Securities Nigeria Limited  Afrinvest Securities Limited  Anchoria Investment and Securities Limited  Apel Asset Limited  APT Securities & Funds Limited  ARM Securities Limited  Arthur Stevens Asset Management Limited Associated Asset Managers Limited  Atlass Portfolio Limited  Ava Securities Limited  Bancorp Securities Limited  Bauchi Investment Corp. Securities Limited  Belfry Investment & Securities Limited Bestworth Assets & Trust Limited  Calyx Securities Limited  Camry Securities Limited Capital Assets Limited  Capital Express Securities Limited  Capital Trust Brokers Limited  CardinalStone Securities Limited  Cashville Investments & Securities Limited  CDL Capital Markets Limited  Centre Point Investment Limited  Century Securities Limited  Chapel Hill Denham Securities Limited  Chapel Hill Denham Advisory Limited  Chartwell Securities Limited  Citi Investment Capital Limited  City Code Trust & Invest Company Limited  Compass Investments & Securities Limited  Cordros Securities Limited  Core Securities Limited Coronation Securities Limited  Cowry Securities Limited Crossworld Securities Limited  Crown Capital Limited CSL Stockbrokers Limited  Deep Trust & Investment Limited  De-Lords Securities Limited Dominion Trust Limited  DSU Brokerage Services Limited  Dunbell Securities Limited  Dunn Loren Merrifield Securities Limited  Dynamic Portfolio Limited  EDC Securities Limited  Edgefield Capital Management Limited

EFG Hermes Nigeria Limited El-Elyon Alliance & Securities Limited  Elixir Securities Limited Enterprise Stockbrokers Limited  Equity Capital Solutions Limited  Eurocomm Securities Limited  Express Portfolio Services Limited  Falcon Securities Limited  FBC Trust & Securities Limited  FBNQuest Securities Limited  FCSL Asset Management Co. Limited Financial Trust Company Nig. Limited  Finmal Finance Services Limited  First Integrated Capital Mgt. Limited  FIS Securities Limited  Foresight Securities & Inv. Ltd  Forthright Securities & Inv. Limited  Fortress Capital Limited  FSDH Capital Limited FSL Securities Limited Funds Matrix & Asset Mgt. Limited  Fundvine Capital & Securities Limited  Futureview Securities Limited  GDL Stockbrokers Limited  Gem Assets Management Limited  Gidauniya Invest & Sec Limited  Global Asset Mgt. (Nig) Limited  Globalview Capital Limited Golden Securities Limited Greenwich Securities Limited  Gruene Capital Limited  GTI Securities Limited  Harmony Inv. & Securities Limited  Heartbeat Investments Limited  Hedge Securities & Investment Limited  Heritage Capital Markets Limited  ICMG Securities Limited  Icon Stockbrokers Limited  Imperial Assets Managers Limited Integrated Trust & Investments Limited  Interstate Securities Limited  Investment One Stockbrokers Int’l Ltd  Investors & Trust Company Limited Kapital Care Trust & Securities Limited  Kedari Capital Limited  Kinley Securities Limited  Kofana Securities & Investment Limited

Lambeth Capital  Lead Securities & Investment Limited  Lighthouse Capital Limited  Magnartis Finance & Inv. Limited  Marimpex Finance & Inv. Co. Limited  Maxifund Investment & Securities PLC  MBC Securities Limited  Mega Equities Limited Meristem Stockbrokers Limited  Mission Securities Limited  Molten Trust Limited  Morgan Capital Securities Limited Mountain Investment & Securities Limited  Network Capital Limited Networth Securities & Finance Limited  Newdevco Investment & Securities Limited  Nigerian International Securities Limited  Nigerian Stockbrokers Limited  Norrenberger Securities Limited  Novambl Securities Limited  Osbourne Capital Markets Limited  PAC Securities Limited  Parthian Securities Limited  Peace Capital Markets Limited  Pilot Securities Limited Pinefields Investment Service Limited  PIPC Securities Limited  Pivot Capital Limited Planet Capital Limited  Portfolio Advisers Limited  Premium Capital and Stockbrokers Limited Primewealth Capital Limited  Prominent Securities Limited  PSI Securities Limited  Purple Asset Managers Limited  Pyramid Securities Limited  Qualinvest Capital Limited  Quantum Zenith Securities & Inv. Limited Rainbow Securities Limited  Rand Merchant Bank Nigeria Limited  Readings Investment Limited  Regency Assets Management Limited  Renaissance Securities (Nigeria) Limited  Rencap Securities (Nig) Limited  Resort Securities Limited  Reward Investment & Service Limited

RMB Nigeria Stockbrokers Limited Rostrum Investment Rowet Capital Management Limited  Royal Crest Finance Limited  Royal Guaranty & Trust Limited  Sankore Securities Limited  Santrust Securities Limited Securities & Capital Mgt. Co. Limited Securities  Africa Financial Limited  Security Swap Limited  Shalom Inv. & Securities Limited  Shelong Investment Limited  Sigma Securities Limited  Signet Investment & Securities Limited  Skyview Capital Limited SMADAC Securities Limited  Solid-Rock Securities & Investment PLC  Spring Board Trust & Inv. Limited  Spring Trust & Securities Limited  Stanbic IBTC Capital Limited  Stanbic IBTC Stockbrokers Limited  Standard Union Securities Limited  StoneX Financial Nigeria Limited  The Bridge Securities Limited  Tiddo Securities Limited  Tomil Trust Limited  Topmost Securities Limited  Tower Securities & Inv. Co. Limited  Trade Link Securities Limited  Traders Trust & Inv. Co. Limited  Transworld Inv. & Securities Limited  Trust Yields Securities Limited  Trustbanc Capital Mgt. Limited  Trusthouse Investment Limited  TRW Stockbrokers Limited  Tyndale Securities Limited  UCML Capital Markets Limited  UIDC Securities Limited  UNEX Capital Limited  United Capital Securities Limited  Valmon Securities Limited  Valueline Securities & Inv. Limited  Vetiva Capital Management Limited  Vetiva Securities Limited . WCM Capital Limited  WSTC Securities  Zion Stockbrokers & Securities Ltd

About Purple                                                              

Purple is Nigeria’s breakthrough real estate and financial services platform at the forefront of a real estate revolution. With investments in the development, management, and acquisition of superior multi-purpose properties and infrastructure across a wide range of sectors to democratise access to real estate ownership and investment, Purple is breaking down the barriers that prevent investors from the gains of appreciating assets.

PREIP commenced operations in 2014 and is responsible for developing the Maryland Mall, a Grade-A mixed-use centre that also boasts the largest outdoor LED screen in West Africa.                                                                   

To discover more and join the Purple community, visit purple.xyz

For investor inquiries, please contact:

Investor Relations    

investors@purple.xyz

 

Olayinka Sodipe

Oluyemisi Lanre-Phillips

purple@vaerdi.org

 

For media inquiries, please contact: 

Emmanuel Balogun 

ebalogun@africapractice.com

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