Ikeja Mall Is Now Owned By South Africans

Two South African companies, Hyprop Investments a real estate investment trust, and Attacq, a Johannesburg Stock exchange listed capital fund just bought 100% ownership of Ikeja City Mall a few days ago, at an undisclosed price.

This represents a solid exit for Actis, a private equity firm, RMB Wesport and Paragon Holdings Nigeria, who owned 60, 20 and 20% each of the mall. At the time it was developed in 2010 it cost about $100 million. Right now, the mall has about 800,000 monthly visitors, and a catchment area of around 4 million people who have a buying power of around $625 each for a total of $2.5billion.

Of course, they did not disclose any of the Mall’s actual revenue and profitability numbers so there’s no easy way of estimating the selling value of the mall. There are still ways to get to those estimates, of course, but no one is paying me for it.

However, its clear that Actis and co have made some good money off that Mall, while the South Africans are seeing some value in Nigerian real estate in the current depressed circumstances. It appears my tweet below about Nigeria’s luxury real estate is also true for our commercial ones.

Now if only someone would do something about residential real estate in Nigeria.

Maybe Actis, with all that new S.A. money?