The 22,000sqm Novare Lekki Mall will open this week on the 25th August with over 1,000 parking bays and anchors such as Shoprite, Game and Genesis Deluxe Cinemas. Other tenants include Adidas, HealthPlus, Pep, MTN, Tantalizers, Swatch, Levi’s, Spur, Nike and Stanbic IBTC Bank.
The mall is very well located with an excellent catchment area, and will serve multiple residential estates and underserved communities nearby. On Springville Road alone, there are up to 10 residential estates including a Grenadines Homes project that is still in the pipeline. Along the Lekki Epe Expressway others include Crown Estate, Abijo GRA, Fara Park, the Ajah, Awoyaya and Ibeju Communities and many others. As noted earlier, the mall will have a huge impact on the Lekki submarket because of the absence of any other mall of its kind within a 26km radius.
The map below provides some more context.
During a press briefing reported by Vanguard, the Chairman of Novare Group, Professor Fabian Ajogwu SAN, said the Novare Lekki Mall was driven by foreign direct investment FDI, valued at N31.5 billion, and funded by a mixture of equity and debt financing.
Last month, the sponsors of Lekki Mall, Novare Equity Partners announced the final close of the Novare Africa Property Fund II after raising $350 million (R5.25 billion) for investment in a portfolio of new developments in Nigeria, Zambia and Mozambique in among others.