NIGERIA – Novare Real Estate Africa, a firm of real estate development that specialises in building state of the art commercial properties such as malls, and owners of Novare Lekki Mall, has concluded plans to commission the largest mall in Lagos which cost is put at whopping N31.5 billion this Thursday.

Making this known in Lagos last week during a press briefing, 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.

Prof. Ajogwu who disclosed that the expansive project was flagged off on October 20, 2014, pointed out that with 22,000 square metres of gross lettable area within the mall, it will be the largest mall in Lagos, Africa’s most populous city. 

The chairman of the group who noted that the mall is eco-friendly because of green area surrounding it, said it has family recreation areas, five cinema halls, outdoor games and ample free parking space for visitors to the mall.

Disclosing that the mall already has occupancy rate of between 75 and 80 per cent before the official opening, adding the group is comfortable with the calibre of tenants in the mall, emphasising that the mall is driven essentially by consumer needs of the people.

Novera boss who informed that the foundation stone laying ceremony of the project was done by the Minister of Power, Works and Housing, Mr. Babatunde Raji-Fashola, SAN, while he served as the Governor of Lagos State in October 2014, said the mall will be officially opened by Mr. Akinwunmi Ambode, Lagos state governor.

The Centre Manager of the mall, Mr. Johan Blom, who represented the managing director of Novare Real Estate Africa, said the mall is a world-class shopping complex with state of the art facilities and exquisite architecture built to the highest international standards and set to be one of the largest retail shopping malls in West Africa.

According to Blom, “With Shoprite and Game as anchor tenants, the mall has close to 100 shops, including restaurants and five Genesis Deluxe Cinemas, as well as 1,000 parking bays.

Other tenants include Adidas, HealthPlus, Pep, MTN, Tantalizers, Swatch, Levi’s, Spur, Nike and Stanbic IBTC Bank”.

Also speaking, Peter Bamkole, an engineer who is a director in the company, noted that the “Relevance of this project transcends financial value, from the development stage until the date that it becomes operational, it will empower over 5,000 with direct and in direct employment.

The centre is easily accessible from the Lekki-Epe Expressway and it is expected that many of the mall’s  customers will come from new housing estates in the Lekki Peninsula area.

The mall is situated near the Pan Atlantic University, Lagos Business School and Lakowe Lakes Golf and Country Estate”.

According to the Managing Director/CEO of the group, Mr. Jan Van Zyl, “That the Novare Lekki Mall is completed on time and within budget is testimony to our team’s ability to successfully undertake retail and commercial property developments in Nigeria and elsewhere in sub-Saharan Africa.

“Novare Lekki Mall incorporates the latest elements in modern shopping centre design and aims to provide visitors with state-of-the-art facilities in a user-friendly, safe and pleasant environment”. 

Novare Lekki Mall is a development of the Novare Africa Property Funds, which has a mandate to develop and manage modern retail and commercial facilities across sub-Saharan Africa.

“Novare Fund Manager manages the Novare Africa Property Fund I and II, domiciled in Mauritius as foreign investors into Nigeria.

Novare Africa Property Fund II, which includes an investment in Novare Lekki, announced its final close at the end of June 2016, having raised $350 million (R5.25 billion) for investment in a portfolio of new developments in, amongst others, Nigeria, Zambia and Mozambique”, the CEO noted.

August 21, 2016;