Novare Equity Partners, one of Africa’s key investors in modern retail property is gearing towards launching Novare Lekki Mall, its first shopping mall in Lagos.
Based on the information released by Novare, Shoprite and Game are anchor tenants for the mall.
According to its filings, Novare launched its first fund, the Novare Africa Property Fund I in July 2010, funded predominantly by South African pension funds. The fund’s characteristics made it a perfect fit given the longer term horizon, as well as above-average returns these investors need. The USD81 million raised reflected demand to participate in the African growth story. The additional 5% that the South African Reserve Bank allows South African pension funds to take up in African investments outside of their borders, has assisted in realising portfolio diversification benefits.
The Novare Africa Property Fund II had its first close at 30 June 2014. It was launched due to continued demand investors demonstrated for opportunities managed by reputable and knowledgeable professionals on the sub-continent. The fund aims to raise USD400 million by 30 June 2016. Both funds target returns in excess of 25% net of fees, and are domiciled in Mauritius as well as listed on the Mauritian Stock Exchange.
The Novare Africa Property Fund I made its first investment in the successful Novare Apo mall, the first of its kind in the capital of Nigeria and which changed the retail landscape of this prosperous city almost overnight. Shoprite is the anchor tenant, alongside prominent brands like KFC, Mr Price, MTN, LG, Adidas and Samsung.
Novare Lekki is in Lekki, a middle and upper class residential and business part of Lagos Island. Lagos is the economic and commercial hub of West Africa. It contributes 25% of Nigeria’s GDP and the UN expects that its population will be above 25 million by 2025. In addition, 70% of all air travel into Nigeria is through Lagos, whilst it also houses 45% of Nigeria’s skilled labour.
Apart from Novare Lekki, Lagos is already playing host to over 8 shopping malls and over five new ones under construction.
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