UACN Property Development Company (UPDC) has commenced the construction of a N5billion Mall that will be located on an expanse of land of measuring 3.2hectares. The land is located within the precinct of the Golden Tulip Hotel (Formerly Durbar Hotel) and will serve the teeming residents of Festac, Satellite Town and its environs.
They expect the mall to be completed within 18months and will be funded via a 50:50 debt to equity split. UPDC also owns Durbar Hotel which it acquired in 2002 and took 9 years to redevelop into a 349room hotel, making the 18month timeline look rather lofty. They also claim the mall has anchor tenants such as Shoprite, Silverbird Cinemas signed up already.
Its main features include 12,722sqm gross buildable area; 10,071sqm of leasable space comprising 508sqm of retail line shops, and 1,035 of food and beverage shops. It promises a cinema of five viewing screens, 3,320sqm of anchor space, and ample parking space. Following their successful REIT offer earlier in the year, UPDC is expected to have about N7.4billion investable cash.
Major portion of this report was obtained from Businessday….See link below for full story