Acquisition of the mall by the- Johannesburg Stock Exchange (JSE) listed real estate capital growth fund has been confirmed by Actis and Paragon Holdings. Actis has committed a gross asset value of US$1.3bn to 17 institutional quality developments across seven countries.
Hyprop takes 75% interest shares while Attacq owns the 25% interest shares of the multi-million Ikeja City mall in Nigeria.
According to Hyprop CEO, Pieter Prinsloo, the mall acquisition is well placed to capitalise on opportunities following its partnership with the Atterbury Group and Attacq, whose combined expertise facilitates exploiting opportunities as they arise across the sub-Saharan Africa.
Located in the capital city of Lagos, constructed on 23,000m2 piece of land, Ikeja City Mall (ICM) is the largest mall in Lagos and hosts Lagos State Government offices and its Parastatals along with A-grade retail spaces.
It also comprises of ample parking space for shoppers. The mall is also made up of 100 stores with a desirable mix of retailers trading renowned quality brands such as Shoprite, Mr Price, Spur, MTN, Markham among others with a diverse, comfortable, clean, safe and convenient experience including shopping, entertainment and leisure all under one roof.