AXA Mansard invests N800m in Lagos Maryland mall

AXA Mansard Investments, one of Nigeria’s leading asset manager, has concluded an N800 million investment in Maryland mall, Lagos, which is currently being sponsored by Purple Capital Partners Ltd.

According to the sponsors, the Maryland mall is estimated to be worth over N5 billion upon completion, later this year.

Speaking on the deal, Obinna Onunkwo, co-managing partner of Purple Capital Partners Ltd, expressed delight, describing it as a reposed trust in the project.

“We are particularly delighted to be partnering with AXA Mansard on this journey into the future of retail in Africa’s largest economy,” he said.

“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.”

The mall is said to sit on one of the most important arterial routes in Lagos, with about 5,000 cars passing through every hour.

With a total land size of 7,700sqm, the mall is said to 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.

According to the sponsors, Shoprite has selected the Maryland mall for the Nigeria debut of its Usave brand shopping concept, further cementing the long term viability of the retail facility.

The mall is said to also have a 550 square meter LED screen, the largest in Sub-Sahara Africa, a feature to uniquely set the mall apart from any other retail complex in Africa’s most populous nation.

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.”

Deji Tunde-Anjous, chief executive officer of AXA Mansard Investments Ltd, said the project reflects AXA position to keep its clients well positioned.

“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,” he said.

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 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.