Property Group Unveils Plan For Agbara Estate

According the eprop.co.za, a commercial property news site, Eris property group has unveiled plans for Agbara Estate in Lagos, Nigeria. The development plans for the estate represents MAREF (Momentum Africa Real Estate Fund) and its partners Land Afrique and Eris Property Group’s commitment to investment in Nigeria and in the city of Lagos.

The 100 acre development sites are expected to commence with ground works soon and will employ nearly 3,000 construction workers for the duration of the construction period.

The Estate is already host to thirty five operational manufacturing factories including international blue chip tenants such as Unilever, Nestlé, Procter & Gamble, Reckitt Benckiser and GlaxoSmithKline. In addition, there are seven hundred middle to high income homes in the estate.

“Most of these businesses are committed to staying and expanding their presence within the estate, which enhances Agbara’s potential as a key logistics node for Nigeria in the future.” Said Segun Lawson of Land Afrique.

“This development in the heart of Nigeria’s manufacturing hub, is a high-quality investment that demonstrates the group’s commitment to the City of Lagos and to expanding its global property portfolio,” said David Lashbrook, head of Africa Investment Strategies at Momentum GIM which manages the $250 million dollar MAREF fund.

Agbara Estates Limited (“AEL”) is one of Nigeria’s oldest real estate development companies, owning Nigeria’s oldest and most developed mixed-use commercial and residential real estate developments.

In recent months Eris Property Group has been developing “relationships in countries such as Nigeria, Ghana, and Rwanda, we have made excellent progress in identifying good partners and are considering a number of potential transactions. One such example is the development of Agbara Estate with Land Afrique, who have both the skills and the network to contribute significantly to the Momentum African Real Estate Fund initiative,” adds  Andre van Eeden, Development Manager at Eris Property Group.