Nigerian Institutional investor and developer, Novare Real Estate Nigeria Limited (NREN) on Monday, September 11 listed four of its Grade A retail properties for sale on local Nigerian media.
The properties are located in Lagos and Abuja including the Lekki Mall, Apo Mall Abuja, Novare Central Mall, and Gateway Mall Abuja. This is according to reports from Estate-Intel.
The Grade A properties include three retail malls and one mixed-use commercial property that includes both office and retail spaces.
Details of the malls
The Lekki Mall was completed in 2016 and occupies a 21,000 m2 space located along the Lekki-Ajah expressway. It houses brands such as ShopRite, Genesis Deluxe, JED Lifestyle, Miniso, etc.
The Apo Mall is located in the Dutse area of the FCT and occupies a space of 8,000 m2. It has a 97% occupancy rate as of June 2023 and houses notable brands like Megastores, PEP, BAFFI Furniture, Krispy Kreme, Shoprite, etc.
The Gateway Mall was completed in 2017 and is located along the airport road in Abuja. It sits on a 14,000 m2 area and houses notable firms like BAFFI Furniture, Funworld, Genesis Deluxe Cinema EHA Clinics, etc.
And finally, Novare Central, which is located in the Wuse Zone 5 area and occupies an 11,000 m2 area. It houses brands such as Shoprite, The Vue, Esteem Furniture, Active Leisure, etc.
The sale of these properties will signify Novare’s exit from Nigeria as they are the only real estate investments the company has in Nigeria.
About Novare
Novare Real Estate Nigeria Limited (NREN) is a commercial property development and management firm with a decade of experience in property development, and management across Nigeria and other countries in Sub-Saharan Africa like Zambia, Mozambique, etc.
Trust the bad government policies are negatively affecting companies the more, but the APC lead government & sycophants shamelessly can’t admit the truth and seek for help. Companies are selling off due to insecurity, bad roads despite huge taxes on them without any dividend