Agbara Estates Limited (AEL) has unveiled plans to develop the Agbara Estate in Nigeria. The estate’s development plans represents Momentum Africa Real Estate Fund (MAREF) in collaboration with the Land Afrique and Eris Property Group.
The estate development work is expected to commence soon and will be executed in a 100 acre development sites. The project will however, create employment opportunity to about 3,000 construction workers for as long as the construction project will last.
Presently, the estate is home to 35 operational manufacturing factories including international blue chip tenants such as Procter & Gamble, Reckitt Benckiser, GlaxoSmithKline, Unilever and Nestlé as well as 700 high to middle income homes in the estate.
However, the master plan for the future evolution of the Agbara Estate includes a convenience shopping centre, offices, informal retail market, a business hotel, lorry parks, access control, an independent power plant and a serviced sites available for development.
According to David Lashbrook, head of Africa Investment Strategies at Momentum GIM and who manages the US$250m MAREF fund, the development at the heart of the Nigeria’s manufacturing hub, which is a high-quality investment that demonstrates the group’s commitment to the City of Lagos and expanding its global property portfolio.
He added that, the estate is one of the country’s oldest real estate development companies as well as owning Nigeria’s oldest and most developed mixed-use commercial and residential real estate developments.
Land Afrique Ltd is a major shareholder of Agbara Estates Limited and a Nigerian Real Estate development company in the country. The company is focusing on developing mixed industrial and commercial estates in Nigeria through a pipeline of identified projects.
Eris Property Group, a South Africa based company has been developing relationships in countries such as Ghana, Rwanda and Nigeria to identify good partners, however, a number of potential transactions have been considered. The development of the Agbara Estate with the Land Afrique, is a significant project of skills and the network to contribute to the Momentum African Real Estate Fund initiative.
Eris Property Group (Proprietary) Limited is a property development and services group, which provides a range of commercial property skills in the South African and sub-Saharan African markets. Eris was formed in 2008 following the restructure of RMB Properties (Pty) Ltd (RMBP), which had been in existence since 1987, and which was a prominent property development and property services company in the South African property industry.
MAREF is an investment vehicle for long-term institutional investors. The approach is to identify partners in sub-Saharan Africa to participate economically in projects.