Real estate news update | April 11, 2016

Dangote commences work on Okpella cement plant


Dangote Cement Plc on Saturday began the construction of a new cement plant in Okpella, Edo State. The new cement plant and others in the pipeline, estimated to cost $1bn, are expected to increase the $3bn the country has been saving from import substitution in cement yearly.

The new six million metric tonnes per annum capacity plant in Okpella is coming on the heels of a similar arrangement for another six million mtpa plant in Itori, Ogun State.

Culled from Punch newspaper


 UPDC begins Victoria Mall III

victoria mall iii

Victoria Mall Plaza is coming after the foremost real estate company, UPDC successfully commenced and delivered phases one and two of the project. The firm in 2009 commenced a mixed-use development project called the Victoria Mall and Plaza; it had structured to deliver them in phases including a residential development, offices and the shopping mall. While the first two had been delivered in 2010 and 2011 respectively, piling work is ongoing in the coming mall.

Key Features of the development are flexible lettable retail shops and food court, an ultramodern office block on 15 levels, with spaces was said to be flexible and can be adapted to different business needs.  There would also be a multi-storey car park, luxury quality sanitary wares, and fittings, kitchen and preparation area for the event center. Other facilities include speed elevators, a dedicated transformer with standby generators, ample car parks, borehole, and water treatment plant and a sewage treatment plant.

Culled from Guardian newspaper

Developer woos investors to Calabar Green City Estate

cross grren garden

The developer of the N5bn Green City Estate, Calabar says a platform has been opened for investors to be part of the project in a bid to upgrade it to acceptable global green city standard.

The Project Supervisor, Green City Estate, Mr. Felix Adeduro, said the investment in the plural development of the city would generate employment as well as returns on investment.

The Green City Estate is a luxury development expected to have 406 buildings of four-bedroom duplexes, three-bedroom apartments and two-bedroom units all with modern infrastructure estimated to cost N400m.

Culled from Punch newspaper

Estate surveyors training session holds this week in Abuja


Estate surveyors training session holds this week in Abuja

The Nigerian Institution of Estate Surveyors and Valuers (NIESV), Faculty of Valuation and Compensation has concluded plans to boost the knowledge of their members with a training session coming scheduled to hold in Abuja this Friday. The training is meant to horn the skills of estate surveyors in Nigeria to imbibe the International Best Practice

Issues on World Bank and Bureau of Public Procurement would be discussed. Essentially the critical Issues in the preparation of Expression Of Interest (EOI) and Request For Proposal (RFP) for valuation assignments will be discussed.

Culled from Guardian newspaper

Quantity Surveyors’ new measurement standard begins in 2017

surveyor mensurement 2

Members of the Nigerian Institute of Quantity Surveyors (NIQS) have launched a measurement standard for measurement of buildings and engineering works that are expected to come into practice by May 2017.

Speaking at a training workshop in Abuja, NIQS President, Mrs. Mercy Iyortyer said the institute has already put in motion the process of developing software with the standard known for ease of use by members.

She disclosed that BESMM4 would replace BESMM3 as the official Standard Method of Measurement of Works to be used with conditions of Engagement and Consultancy Services Agreement to be approved and directed by the Quantity Surveyors Registration Board of Nigeria (QSRBN).

Culled from Guardian newspaper

Structural Engineers begin capacity building for practitioners.


Determined to address foundation failures and other related issues that contribute to frequent collapse of buildings in the country, the Nigerian Institution of Structural Engineers (NIStructE), a division of the Nigeria Society of Engineers (NSE) is to embark on training for young engineers and others that work in foundation construction across the six geo-political zones of the country.

The Institution said it would strengthen its continuous professional development program and sharing of knowledge with the younger ones to address the frequent incidents of building collapse despite the fact that no registered members of the institution have been involved in any collapse of the building.

Culled from Guardian newspaper

Professionals call on Lagos State Government to demolish 1,000 distressed buildings.


Following an invitation for a memorandum by the committee on the restructuring and reorganization of Lagos State Building Control Agency (LASBCA) and Lagos State Material Testing Laboratory, professional bodies in the building sector have called on the State Government to immediately take steps towards the demolition of 1,000 identified distressed buildings in the state.

According to real estate professionals, the identified buildings that failed integrity tests on the Lagos Island and those left unattended to for years should be demolished as soon as possible. They urged the State Government to involve all the real estate professional bodies in its fight against building collapse and the restructuring of the Lagos State Building Control Agency (LASBCA), with the hope that the action would yield an all-inclusive solution.

Culled from Guardian newspaper



Vantage Capital provides $20 million (R294 million) of expansion funding for Landmark Africa, a leading Nigerian property development company

Landmark has developed or managed over 130,000 m2 of prime real estate across the continent

JOHANNESBURG, South Africa, April 13, 2016– Vantage Capital , Africa’s largest mezzanine fund manager, announced today that it has provided $20 million (R294 million) of funding to Landmark Africa , one of Nigeria’s leading property developers. Landmark has developed or managed over 130,000 m2 of prime real estate across the continent. The real estate company is headquartered in Lagos, with offices in several countries including South Africa and the United Kingdom. Over its nineteen-year history, Landmark has built a high-quality property portfolio, including A-Grade offices for over 100 corporate clients including the Nigerian headquarters for PriceWaterhouseCoopers and Procter & Gamble and provided development management services for one of the largest malls in Nigeria. Investment One Financial Services acted as Lead Corporate Advisor on the transaction.

Landmark Village

Landmark is currently building Landmark Village, which will be an iconic “Live, Work, Play” mixed-use development with breath-taking sea views in the exclusive area of Victoria Island. They have already completed a cutting-edge, spacious 2,500 person events centre, an unparalleled Japanese Shiro restaurant and a vibey Hard Rock Café just a stone’s throw from the beach. Landmark will soon enhance the development with a state of the art training centre and two extraordinary multi-tiered office buildings with over 20,000 m2 of dynamic office space. The premises will also encompass a 4-star luxury hotel, fully serviced extended stay apartments and upscale residences for sale, each offering a unique residential experience. Landmark Village will benefit from a vast parking tower providing an abundance of parking space for all residents and guests. The first of its kind Landmark Village precinct will provide preeminent comfort for a demanding office, retail, leisure and residential clientele in Nigeria’s commercial capital.

Warren van der Merwe, Chief Operating Officer of Vantage Capital, said, “We look forward to partnering with Landmark as they develop a world class mixed-use precinct in Victoria Island. We were impressed by the quality of the office buildings, and restaurants they have completed to date in Nigeria.”

Johnny Jones, Associate Partner at Vantage Capital, added, “I’m very impressed with Landmark’s long track-record of operating so successfully in a challenging environment like Nigeria. This type of transaction perfectly illustrates our firm’s investment strategy of supporting strong management teams of Pan-African businesses.”

Paul Onwuanibe, CEO of Landmark added, “We are excited to have Vantage partner with us on our journey to achieving the $5 billion valuation mark over the next decade. Our 19 year global and African real estate experience has keenly sharpened our insight in forging strategic alignments; especially in Africa. We are convinced the advent of Vantage will portend a marked acceleration towards achieving our goals and rewriting the African story.”

The Landmark investment is Vantage Capital’s second transaction in Fund III, which is targeting a final closing of $260 million (R4 billion), and has a 60% allocation to countries outside South Africa. A Namibian and a South African transaction are expected to close during the first half of 2016 for a further aggregate investment of over $22m (R330m).

Luc Albinski, Managing Partner, said, “Nigeria has received much negative press recently with a number of South African companies running into difficulties there and some announcing their exit. We hope that this mezzanine investment, the twentieth in our history, and one that takes us to the R3 billion invested mark, will help convince investors that the country has much to offer for those willing to take a longer-term, more balanced view of the current challenges facing the country.”

According to Ademola Aofolaju, Managing Director of Investment One Capital Management “Our involvement in this transaction is in line with our strategic drive to structure and arrange long term, flexible capital for Nigerian businesses focused on providing solutions to the country’s real estate and infrastructure deficits.”

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