REAL ESTATE NEWS UPDATE | AUGUST 15TH

Lafarge-Holcim Stakes $2M on Sustainable Construction Competition

green building

The management of Lafarge Africa Plc has announced the 2016 sustainable construction competition $2million prize aimed at providing smart solutions to cities and the environment. The competition holds in Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa where Lafarge-Holcim operates.

Michel Puchercos, Managing Director of LafargeHolcim explained that the company is happy to engage Nigerian student’s and professionals in the competition for the first time adding that it is in line with their belief that Nigerian professionals and students have what it takes to measure up with other contestants around the world.

Eligible participants are encouraged to apply online in the USD$ 2 million awards competition, which opened on Monday, July 4, 2016, and closes for submissions on March 21, 2017.

Culled from the Guardian

 

Resilient Property Income Fund Goes Up By 25.1%

Resilient real estate group have announced the increase in total distributions for its financial year by 25.1%, due to positive effects of solid performance from its property portfolio.

Resilient holds stakes in Fortress Income Fund, New Europe Property Investments, Rockcastle, Hammerson, and Greenbay. It is also the 60.94% partner of the Resilient Africa joint venture for the development of malls in Nigeria notably, the Asaba Mall at Summit / Nnebisi road junction.

The company said business risks in Nigeria had increased, but that Nigeria remained an attractive investment.

Culled from eprop.co.za

 

NSIA Partners South African Firm to Raise $500M for Real Estate Investment in Nigeria

uche osuji

The Nigeria Sovereign Investment Authority has partnered with a South African firm –Old Mutual to secure secured a $500 million loan for the development of the nation’s real estate and another $200 for the agriculture sector.

The Sovereign Investment Authority (SIA) was established in 2011 with $1 billion as seed capital in an effort to manage oil export revenues. The new funds will stay invested for up to 12-years, and will target returns of about 20 percent.

The chief executive of NSIA, Uche Orji, said both parties will each commit $100 million as initial capital for the real estate fund and $50 million for the agriculture fund. According to him, the company is focusing on office towers and commercial real estate. Real estate investment in Nigeria can earn returns as high as 30-35 percent, while rental income yields in Lagos and Abuja can get up to 10 percent.

Culled from from Reuters

 

Federal Government Demands Closure of U-turns along Lagos/Ibadan Road

Lagos-Ibadan Exp

The Federal Government through the Chief Executive Officer of the Federal Road Safety Corps, Boboye Oyeyemi, has asked Julius Berger Nigeria Limited and Reynolds Construction Company to close the U-turns on the Lagos-Ibadan Expressway road. The directive was made public by The FRSC Chief Executive during an assessment tour of the ongoing construction works.

The FRSC Boss complained about the absence of good signage on the expressway, saying it was the reason why accidents occur on the road saying that the traffic congestion witnessed on the road was due to the action of drivers who go against traffic rules and regulations.

The project manager of RCC, Mr. Feda Natour, said the company would require three years to complete its Sagamu-Ibadan end of the project.

Culled from the Punch

 

NESREA partners UNECA on Green Africa project

Amina

 

The National Environmental Standards and Regulations Enforcement Agency (NESREA) is partnering with the United Nations Economic Commission for Africa (UNECA) for the promotion of social and economic transformation of Green Economy in Africa.

Minister of Environment, Amina Mohammed, explained that the partnership is expected to ensure cleaner and healthier environment for Nigerians.

“It is a good business that would sustain the economy as well as create jobs for the youths in the Africa and Nigeria. She said.

The Minister expressed her appreciation to UNECA for making Nigeria one of the countries where the Green Economy Project would be launched.

Ministries and departments present at the meeting were UNIDO, UNDP, World Bank and some NGOs.

Culled from Guardian Newspaper

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