Four of the Grade A retail buildings owned by Nigerian institutional investor and developer Novare Real Estate Nigeria Limited were advertised for sale on local Nigerian media on Monday, September 11.
The Times reported that the assets, which include the Lekki Mall, Apo Mall, Novare Central Mall, and Gateway Mall Abuja, are situated in Lagos and Abuja according to information from Estate-Intel.
Three shopping centers and one building with a mix of office and retail space make up the Grade A assets.
The Lekki Mall, which was finished in 2016, is a 21,000 m2 structure situated alongside the Lekki-Ajah motorway. Brands like ShopRite, Genesis Deluxe, JED Lifestyle, Miniso, etc. are all housed there.
The 8,000 m2 Apo Mall is housed in the Dutse neighborhood of the FCT. As of June 2023, it was 97% occupied and is home to well-known corporations including Megastores, PEP, BAFFI Furniture, Krispy Kreme, Shoprite, etc.
The Gateway Mall, which opened in 2017, is situated in Abuja along the airport road. Famous businesses including BAFFI Furniture, Funworld, Genesis Deluxe Cinema, EHA Clinics, etc. are housed in this 14,000 m2 building.
The last building is Novare Central, which is situated in Wuse Zone 5 and covers an area of 11,000 m2. Brands like Shoprite, The Vue, Esteem Furniture, Active Leisure, etc. are among the brands it houses.
Given that they are the sole real estate holdings Novare has in Nigeria, the sale of these properties will mark the company’s departure from the country.
With ten years of expertise in property development and management in Nigeria and other Sub-Saharan African nations like Zambia, Mozambique, etc., Novare Real Estate Nigeria Limited is a commercial property development and management company.