…company may exit Nigeria
The property sales market in Nigeria has, in a surprise move by their developer, received four retail facilities located in Lagos and Abuja, the country’s federal capital city.
The four facilities owned by Novare Real Estate Nigeria Limited (NREN), an institutional investor and developer, are the Lekki Mall, Apo Mall Abuja, Novare Central Mall, and Gateway Mall Abuja.
Though no official reason has been given by the developer for this move, Estate Intel, an online property research platform which gave this hint, says that the sale of these properties may signify Novare’s exit from Nigeria as they are the only real estate investments the company has in the country.
Close market watchers have described this as a surprise from Novare –a commercial property development and management firm with a decade of experience in property development, and management across Nigeria and other countries in Sub-Saharan Africa.
Novare was one of the few institutional investors that took the Nigerian retail market by storm, developing large-size Grade A retail properties in major cities of Nigeria. The firm contributed significantly to what was, arguably, a revolution in that segment of real estate in the country.
Its Lekki Mall, earlier named Novare Mall, remains the largest retail mall in Lagos. The mall which was completed in 2016 sits on about 22,000 square metre space along the Lekki-Ajah Expressway. It houses brands such as Shoprite, Genesis Deluxe, JED Lifestyle, Miniso, etc.
