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ProAfrica Property Services in Alliance with Cushman and Wakefield

Heritage Place ProAfrica Property Services in Alliance with Cushman and Wakefield to lease the latest highrise office development in Lagos Nigeria on behalf of developers, Actis and Primrose Development Company
ProAfrica Property Services in Alliance with Cushman and Wakefield

ProAfrica Property Services in Alliance with Cushman and Wakefield

v 15,600m2 of premium office space

v The first commercial building in the city to achieve global green certification

Lagos, 4 April 2013 – Actis, the most experienced private equity real estate investor in sub-Saharan Africa and Primrose Development Company Limited, a leading Nigerian real estate  company today confirmed the launch of Heritage Place, a 14-storey office development located in the heart of Ikoyi, at the crossroads of Lugard Avenue and Kingsway Road.  

Heritage Place will be ultra-modern by design, incorporating state of the art environmental features to include water recycling, high efficiency glazing and natural ventilation. The development will become the first commercial building in Lagos to achieve LEED certification in both its design and construction. It incorporates a double-height reception area, over 350 parking spaces and a landscaped piazza with a cafe, restaurant and other amenities for office workers and visitors.

Actis, which is working in joint venture with Primrose Development Company, plans to break ground in the second quarter of this year pending all necessary government approvals. The project will be co-developed by Primrose Development Company and Laurus Development Partners, an Actis portfolio company dedicated to the construction of A-grade real estate in West Africa.

Actis Real Estate Director, Funke Okubadejo said: “There is a demand-supply gap in Lagos when it comes to high quality office space so Heritage Place could not be better timed. This development will redefine the local market both in terms of its design and its adherence to world-class sustainability standards; it builds on Actis’ track record of delivering top quality real estate in sub-Saharan Africa.”

Jide Balogun, CEO of Primrose Development Company said, “Following on with Primrose Group’s heritage of developing exceptional residential developments for discerning tenants we conceived Heritage Place project and partnered with Actis to deliver an office development that will certainly raise the bar and be the reference point for grade A office space in the Lagos market.’’

Carlo Matta, CEO of Laurus Development Partners said, “We are extremely proud of the fact that Actis and Primrose have retained Laurus Development Partners as the lead Development Manager for this unique office project. Conceived with the most sophisticated office occupiers in mind, Heritage Place will help put Lagos on the Global property map.”

Since 2006, Actis has developed ten institutional quality assets in five countries in sub-Saharan Africa including Ikeja City Mall in Lagos, Nairobi Business Park in Nairobi, and Accra Mall in Accra.

About Actis

Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$5.2bn funds under management. Combining the expertise of over 120 investment professionals in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate. Actis has close to US$1.7 billion invested in 18 African countries and 32 investment professionals working in Africa, with offices in Cairo, Johannesburg, Lagos, London and Nairobi. Actis is proud to actively and positively grow the value of those companies in which it invests and in so doing contribute to broader society.
www.act.is

About Laurus Development Partners

Laurus Development Partners, an Actis portfolio company, is a real estate firm focused on property development in West Africa. The company’s affiliation with Actis gives it the financial backing to deliver complex, long-term projects in the challenging West African business environment. Combining local expertise with international best practices, Laurus develops environmentally sustainable, quality projects that deliver enduring value to communities, investors and end users. The firms current portfolio includes 150,000 sqm of projects under development in West Africa on Actis’ behalf, representing a total value of more than US$ 450m. With offices in Accra – Ghana andLagos - Nigeria, Laurus Development Partners operates in both the Nigerian and Ghanaian markets. Visit www.laurusdp.com for more information.

About Primrose Development Company

PDC is a leading Nigerian property development company, whose roots as real estate developers and investor goes back 30+ years. With established relationships in the industry and a proven execution track record in the Nigerian real estate market, PDC has unique expertise across the key facets of the development chain. To date the Primrose Group has developed and owns a real estate portfolio valued in excess of US $150 million. PDC has offices in Lagos, Nigeria and Accra, Ghana. Visit www.primrosedevco.com for more information.

Notes to Editors

·         Images of Heritage Place available on request

·         Leadership in Energy and Environmental Design (LEED) is a standard global rating system for the design, construction and operation of sustainable real estate

 

For more information please contact

 

Sole leasing Agent:

ProAfrica Asset Solutions  Ltd.

 

David Green

david@proafricaprop.co.za

+27836100448

 

Misha Tolksdorff

misha@proafricaprop.co.za

+27832720041