Leading asset manager, AXA Mansard Investments, has concluded an ₦800million investment in Maryland Mall, an ultra-modern retail development sponsored by Purple Capital Partners Ltd.
The Maryland Mall is estimated to be worth over ₦5 billion (about $25 million) upon completion, later this year.
Maryland Mall sits on one of the most important arterial routes in Lagos today, with 5,000 cars passing through every hour. The mall sits on a total land size of 7,700sqm and will have the first dedicated underground car park within any mall in Nigeria. It will play host to a mix of local and international brands anchored by Shoprite, Genesis Deluxe Cinemas and The Place restaurant.
Further cementing the long term viability of the retail facility, Shoprite has selected the Maryland Mall for the Nigeria debut of its Usave brand shopping concept.
The mall will also have a 550 square meter LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.
Commenting on the investment, Mr. Obinna Onunkwo co-managing partner of Purple Capital Partners Ltd. said: “We are particularly delighted to be partnering with AXA Mansard on this journey into the future of retail in Africa’s largest economy. This transaction represents much more than a cash injection in the project, it is an expression of the trust reposed in the project and its importance in the evolving retail landscape.”
Lagos is expected to lead the national count for malls over the next decade, in tandem with the city’s fast growing population, currently put at anywhere between 17 and 20 million people. Projected by the United Nations to be the ninth largest city in the world by 2030, the city and its suburbs is now home to a fast growing middle class. Ultimately, their lifestyle choices will fuel the demand for modern goods and services.
Also commenting on the investment, Mr. Olaide Agboola, co-managing partner of Purple Capital Partners Ltd. said: “Notwithstanding the challenging economic climate, Nigeria remains an investor’s haven, and this strategic transaction with AXA Mansard is clear evidence that it is possible to structure sound investments that can impact different sectors of the economy.”
“It also confirms the efficacy of our investor and stakeholder relations, effectively incorporating the demands and privileges of key stakeholders in the financial services industry, land owners, the Lagos State Government and relevant federal institutions and authorities,” Agboola says.
Analysts estimate that Nigeria has at least 18 large shopping malls, each with at least 10,000 square meters of space to rent (about 108,000 square feet), serving the country’s 182 million people. Comparatively, 60% of South Africans shop in formal retail supermarkets compared to 30% of Kenyans, 4% of Ghanaians, 2% of Nigerians and 2 % of Cameroonians.
Mr. Deji Tunde-Anjous, Chief Executive Officer of AXA Mansard Investments Ltd. commenting on the investment said: “This investment reflects our commitment to supporting creative home grown opportunities and businesses as key catalysts for economic development as well as our resolve to keep our clients well positioned in an evolving investment landscape.”
The deal, which consists of a mix of debt and convertible debt stock, reinforces the country’s ranking as a top destination for retail investments in Africa, driven by its population size, rapid urbanization, growth and economic resilience.
It also offers the potential for future collaboration between both entities, as Purple Capital expands its bespoke retail offering across the nation.
