Novare Real Estate Nigeria Invested About $400m In Nigeria’s Real Estate Sector In 10 Years Says Board Chairman
L-R: Head, Real Estate Finance, West Africa, Stanbic IBTC Capital, Tola Akinhanmi; Head, Equity Capital Markets Execution, Africa Regions, Stanbic IBTC Capital, Oyinda Akinyemi; Chairman, NOVARE Fund Managers Nigeria Limited, Prof Fabian Ajogwu; Chief Executive Officer, NOVARE Fund Managers Nigeria Limited, Hein Du Plessis; and Chief Executive Officer, NOVARE Real Estate Nigeria Limited, Ayotunde Adesulu, at the press briefing on the 6th anniversary of NOVARE Lekki Mall and 10 years of NOVARE operations in Nigeria, on Thursday, October 20, 2022 held at the NOVARE Lekki Mall, Sangotedo.
Novare Lekki Mall, the largest retail mall in Nigeria owned by Novare Real Estate Nigeria clocks six this year.
The Chairman, Board of Directors of the Company, Prof Fabian Ajogwu, speaking at the press conference to mark the six years anniversary celebration of Lekki Mall and ten years existence of Novare Real Estate Nigeria at the Novare Lekki Mall recently, said that In the past ten years the Novare Real Estate Nigeria has invested about four hundred million US Dollars In the Nigerian Real Estate Sector.
Novare Real Estate Nigeria which is a real estate investment, development and management company started its journey in Nigeria in 2012 with the development of the first modern retail mall in Abuja, known as the Novare Apo Mall. A special sixth anniversary logo that reflects the six-year journey was also unveiled at a press briefing held at the Novare Lekki Mall on Thursday as part of the activities to mark the 6 years anniversary.
The 22,000sqm mall, which opened to business in August 2016, is an A- grade retail mall development strategically located at Cardinal Olubunmi Okojie Way, Sangotedo, Lekki-Epe Expressway. The mall anchors about 100 shops, including some of the country’s iconic brands such as Stanbic IBTC Bank, Shoprite, MTN, Game, Genesis Deluxe Cinemas, HealthPlus, Pep and Tantalizers.
While promising to continue to invest in the sector, Prof Ajogwu said “Novare’s strong presence in the economy and its leadership in the retail and commercial property market, undeniably places an obligation on us to play a leading role in the developmental ambitions of the economy. This is a goal we are pursuing with vigour and purpose.
“To underscore this commitment as well as tap into the infrastructure development drive of government, the Novare Group has over the last decade built a strong portfolio of investments in the real estate sector running into about four millions United States (US) Dollars.
“Our malls are testaments to our capital importation drive, which helps to support government’s desire for foreign direct investments. For instance, this mall we celebrate today was driven by foreign direct investment valued at N31.5 billion at the time of completion.
“Our impact as an organisation remains strong. Through our activities we have continued to support the growth of retail and commercial businesses. We have also continued to create jobs. Today, Novare employs more than 3,000 Nigerians through direct and indirect employment.
He said Novare has continued to invest in and help drive government’s diversification agenda through its activities in the real estate industry.
For the the Company, the Chairman said, sustainability is very important as they seek to create long term value, noting that “this is why we have engrained in our operations an environmentally sustainable policy. We are equally mindful of the impact of our operations on the local communities. This informed our strong corporate social investment practices. These landmark contributions to national development were not by coincidence; they are the result of our belief in building a strong, viable and inclusive nation. “
L-R: Chief Executive Officer, NOVARE Real Estate Nigeria Limited, Ayotunde Adesulu; Chairman, NOVARE Fund Managers Nigeria Limited, Prof Fabian Ajogwu; and Chief Executive Officer, NOVARE Fund Managers Nigeria Limited, Hein Du Plessis, at the press briefing on the 6th anniversary of NOVARE Lekki Mall and 10 years of NOVARE operations in Nigeria, on Thursday, October 20, 2022 held at the NOVARE Lekki Mall, Sangotedo
Also speaking, the Chief Executive Officer of Novare Real Estate Nigeria, Mr. Hein Du Plessis, announced that Novare Real Estate Nigeria is happy to celebrate another milestone in its 10 years journey in Nigeria with the celebration of the 6th year anniversary of the development of Novare Lekki Mall in Lagos.
Mr. Du Plessis said that Novare Real Estate Nigeria has successfully developed 4 A grade retail malls in Nigeria – Novare Gateway Mall Abuja, Novare Central Mall, Abuja, Novare Apo Mall, Abuja and Novare Lekki Mall, Lagos
According to him, the Novare Malls are designed to be a choice shopping destination and family recreation spot, hence the tenant mix are meticulously selected to provide an overall shopping and leisure experience for the shoppers and families who visit the Malls with exclusive/proprietary brands such as Funworld in each of the Malls even as he noted that the Malls are built to the highest international standards with serene and secure environment.
“We are at the heart of the Sangotedo community and its environs and over the past six years, our vision to provide world class experience in keeping with the ever growing and changing needs of the community and those of our shoppers has become a reality.” Novare Lekki Mall’s catchment area includes a cluster of highbrow estates such as Emperor Estate, Crown Estate, Fara Park, Grenadines Homes, Fountain Springville Estate, and the Lagos State Housing Schemes, among others.
According to the CEO, Novare Real Estate Nigeria is a subsidiary of Novare Holdings Ltd, (a company registered in South Africa) with its investors “mandate to develop and manage modern retail and commercial facilities across sub-Saharan Africa, excluding South Africa.”
He said that Novare Holdings have successfully developed 9 grade A retail malls across Sub-Saharan Africa in Nigeria, Mozambique and Zambia and has through its activities positively transformed the real estate industry across Africa and contributed to job creation.
While thanking the mall’s tenants, Du Plessis assured that Novare, remains dedicated to providing innovative and world class shopping experience not only at the Lekki mall but across its retail and commercial facilities in the country.
Other important dignitaries at the event include Head, Real Estate Finance, West Africa, Stanbic IBTC Capital, Tola Akinhanmi; Head, Equity Capital Markets Execution, Africa Regions, Stanbic IBTC Capital, Oyinda Akinyemi; and Chief Executive Officer, NOVARE Real Estate Nigeria Limited, Ayotunde Adesulu,
Highpoint of the occasion was the cutting of the sixth year anniversary cake by members of executive management of Novare Real Estate Nigeria and representatives of Stanbic IBTC Bank.
