Oando Delves Into Real Estate, Floats $180m Office Facility

October 18, 2014 Editor International, Investors, Real Estate

inShare5

VENTURES AFRICA – Nigeria’s largest indigenous oil firm Oando Plc has teamed up with three investors to float a $180 million state of the art office complex in Nigeria’s commercial capital, Lagos, with the aim of providing ready offices for the numerous local and international businesses looking to set up in the country.
The building has been called “The Wing Tower” and is cited on a strategic position in Victoria Island, Lagos. When completed in three years, the building, which will have 12-storey towers and a four-storey parking and reception lot, is expected to consist of meeting rooms, lobbies, a waterfront restaurant, a porte cochere, and several platforms for social events and get-togethers.
In order to successfully float this enormous facility tagged by Mr Wale Tinubu, Oando’s Managing Director as “Iconic,” the company has teamed up with RMB Westport, Standard Bank & Argentil Associate Management.
Head of Asset Development at Argentil Asset Management, Eniola Fadayomi, commenting on the huge project said; “I think one of the challenges of international businesses when they look to come into Nigeria is the availability of good quality real estate not
just from an office perspective where they can run their business but also residential where they can house their employees.”
“We saw that there was a gap between the expectation of the tenants and the reality on ground. So, I think that this building is the start to what would be Nigeria or Lagos State’s response in meeting international demand for real estate. It also sends the right signal to the international world that Nigeria is ready to play to international standards,” she concluded.
Providing a status update on the project, one of the developers who has been identified as “O Malley” had the following to say; “Right now the project is about two-third of the way through construction and we are still within budget and we also have Cappa&D’Alberto, one of the best contractors. We are guarantying our clients a superior product. Our specialty has always been property development and we remain committed to delivering superior products. We are going to be offering something, which we believe is special and has never been seen in the market.”
Talks have, reportedly, been made and plans initiated to lease one of the towers immediately the facility is fully constructed.

By Emmanuel Iruobe