Purple Real Estate Income limited (“PREIL”), Nigeria’s breakthrough real estate investment platform, today announced the signing of agreements with Genesis Cinemas, Market Square and The Ventures Park to be the anchor tenants and partners at the PurpleLekki, a new development scheduled to open in late 2022.
The 38,000 square metre Purple Lekki will encompass a premium 157-unit mixed-use development that blends high-quality residential, retail, entertainment, hospitality and co-working spaces to tap into the increasing demand for all-inclusive living.
The new construction is backed by financing from the Bank of Industry and guarantees from Keystone Bank. It forms part of an ongoing programme to build strategic alliances with domestic and international development partners to construct and deliver premium assets in prime locations.
Located on Freedom way, in Lekki Phase 1, Lagos, the development will feature a selection of new restaurants and concept bars, among other means of entertainment or relaxation, as part of the firm’s experiential offering, Purple Play. In addition to modern private offices, department stores and boutiques, PurpleLekki will include a dedicated tech and data centre to support business tenants and enable collaboration among tech-empowered communities that require state-of-the-art working infrastructure – making Lekki an even more attractive place to live, work and thrive.
The development also includes Citadines, a new serviced apartment offering for occupiers, where a commitment to customer service ordinarily experienced within a high-end hotel setting will be brought to the comfort of occupiers living at home. This unique living experience will be delivered in partnership with The Ascott Limited, one of the world’s leading owners and operators of serviced residences.
Laide Agboola, Chief Executive Officer, Purple, hosted the signing event to mark the occasion and led a tour to showcase the project. During his remarks, he reaffirmed Purple’s mission and increased ambition to scale up investment and accelerate growth in Nigeria’s real estate sector, Laide Agboola, said, “PurpleLekki enables holistic living, encouraging inclusion and communities, best-in-class entertainment and productive atmospheres for work that enable social and economic mobility and opportunity.
Purple is so much more than just a real estate company; we are shaping the market for real estate in the future and helping to define how a new generation wants the world to be. In Purple, you have a partner ready to realise a vision that creates space for us all.”
In his remarks, Mr. Ebele Enunwa, Chief Executive Officer, Market Square, commented, “Market Square has fast become a household name and the go-to grocery retail store for Nigerians in need of products they can trust at a valued price. However, the Market Square story could not have been written without our partnership with Purple. Signing this tenancy agreement to house our second outlet in Lagos signals the success of our first in PurpleMaryland and the next step of a progressive partnership that enables us to continue to meet Nigeria’s everyday needs.”
Kola Aina, Chairman, The Ventures Parks, said, “We are a nation where entrepreneurship abounds, but talent cannot pursue its goals or achieve its objectives, compete nor win big without an environment that harnesses home-grown potential. As such, we are delighted to leverage the PurpleLekki property development as we upgrade and scale our offering across the country and beyond to support the success of a new wave of startups, technopreneurs, and innovators that bring about the world of tomorrow today.
Chief Nnaeto Orazulike, Chairman, Genesis Cinemas, commented, “I have stopped doubting in the capability of Purple, I am always amazed at their audacity, I trust in their determination. We at Genesis Group are committed to building world class multi use facilities in partnership with Purple.”
Purple media inquiries contact
Emmanuel Balogun | ebalogun@africapractice.com
Purple investor inquiries contact
Obinna Onunkwo | Investors@purple.xyz
The Ascott Limited media inquiries contact
Hafid Mirabti | hafid.mirabti@the-ascott.com
About Purple
Purple is Nigeria’s breakthrough real estate and financial services platform at the forefront of a real estate revolution. With investments in the development, management, and acquisition of superior multi-purpose properties and infrastructure across a wide range of sectors to democratise access to real estate ownership and investment, Purple is breaking down the barriers that prevent investors from the gains of appreciating assets.
PREIL commenced operations in 2014 and is responsible for developing the Maryland Mall, a Grade-A mixed-use centre that also boasts the largest outdoor LED screen in West Africa.
To discover more and join the Purple community, visit purple.xyz
About The Ascott Limited
The Ascott Limited (Ascott) is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott’s portfolio spans more than 190 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. Ascott has more than 70,000 operating units and about 51,000 units under development, making a total of more than 121,000 units in over 770 properties. Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.
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