Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Company News

South African firm to sell stake in Oando office tower

Damilare Famuyiwa by Damilare Famuyiwa
September 3, 2019
in Company News, General News
Andrew König, Redefine Properties
Share on FacebookShare on TwitterShare on Linkedin

South African firm, Redefine Properties is set to sell its 37.1% stake in the landmark Oando Wings office towers in Lagos, to Growthpoint Investec African Properties (Giap). This was revealed in Redefine’s pre-close presentation.

While this has nothing to do with the ongoing xenophobic attacks on Nigerians and other foreigners in South Africa, it is pertinent to note that Redefine is getting shares in Giap in return for its stake in the Oando Wings property, which is jointly owned by RMB Westport.

“Talks with Giap are proceeding. This is not a cash sale and we are negotiating what share we will get in the African fund as part of this deal,” Redefine CEO, Andrew König confirmed in an interview.

Thomas Reilly, the London-based managing director of Giap, also confirmed that “negotiations are ongoing” to acquire the Oando Wings property. “No deal has been signed yet and we are in talks with both Redefine and RMB Westport. We hope to finalise some sort of deal within the next few months.”

[READ MORE: Oando executive delegation visits Prime Minister of Sao Tome & Principe, commits to more partnership]

The value: Redefine acquired the 37.1% stake in the Oando Wings development as part of its acquisition of JSE-listed capital growth fund Pivotal in 2016.

In 2017, the stake was valued at around N4 billion (R800 million) but Redefine recently confirmed that the stake is now worth around N2.3 billion (R453 million).

What you should know: Located at No 17 A, Ozumba Mbadiwe Ave, Eti-Osa area of Lagos, the Wings Office Complex consists of two 12-story buildings – 27,000m2 of lettable office space, an in-built 3-floor car park, 4 high-speed 12 person passenger lifts per tower, retail space and a waterfront.

The building was constructed by Cappa D’Alberto, one of the oldest building and civil engineering firms in Nigeria and the name behind notable buildings such as The Civic Centre, GT Bank Head Office, Mobil House and Citibank Head Office.

The building offers a world-class indoor event space, a one-of-a-kind space that can hold up to 300 people, with floor to ceiling windows which provide a scenic view of the waterfront and allows maximum natural daylight. Wings also has an outdoor waterfront area with a hosting capacity of 200 people and overlooks Lagos State’s waterway.

[READ MORE: Oando Plc gets a new Executive Director]

Related

Tags: Andrew KönigGrowthpoint Investec African Properties (Giap)Oando PlcRedefine PropertiesThomas Reilly

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Chams Plc to raise capital by selling 4.3 million units of shares
    • We can address metering issues by making estimated billing unattractive to DISCOs – Babatunde, Irukera, FCCPC chief
    • NFT price floors take a hit as crypto bear market deepens

    Follow us on social media:

    Recent News

    Chams Plc to raise capital by selling 4.3 million units of shares

    Chams Plc to raise capital by selling 4.3 million units of shares

    May 18, 2022
    FCCPC orders defaulting money lending banks to stop interest, loan collections as Nigerians react

    We can address metering issues by making estimated billing unattractive to DISCOs – Babatunde, Irukera, FCCPC chief

    May 18, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com