Emmanuel Addeh in Abuja
A Nigerian institutional investor has listed assets for sale in a local Nigerian publication of four Grade A retail developments in Lagos and Abuja.
The Grade A developments has three of which are retail malls and one which is a mixed-use commercial property comprising office and retail spaces.
“Following the liberalisation of Nigeria’s foreign exchange rate, we expect to see real estate demand in prime office and retail assets change.
“We anticipate that tenants will start to downsize or reduce space requirements to manage the cost increase and maintain profitability,” estate intel, said.
As the search for liquidity among large scale institutional assets owners continues, purchase interest has been low, it added.
“The key details of the retail developments on sale include Lekki Mall, Novare Lekki Mall, Sangotedo, Lagos with Size: 21,000 m2, occupancy rate: 92 per cent (as of June, 2023),” it said.
It also listed Apo Mall, Abuja, with size of 8,000 m2 on kilometre 8 Along Airport Road – Abuccima Land, Abuja, as one of the properties.
“Estate Intel’s 2023 Lagos Real Estate Pipeline Report highlights that there has been a recent shift in preference to locally-owned hypermarkets and plazas due to a relatively shorter delivery window and flexibility that helps lessen the impact of economic headwinds in the country.
“As such, there has been marked increase in the demand and supply of hypermarkets and plazas compared to Grade A malls,“ it stated.