Blazing the Trail in Nigeria’s Real Estate Industry

Purple Group is one of Nigeria’s fastest growing real estate and financial services platforms, undertaking breath-taking real estate investment in the economy. Its recent deal with The Ascott Limited and plans to raise about N30bilion from the capital market as well partnership with Bank of Industry and other major financial institutions in the country to launch PurpleLekki by the end of this year, are expected to take the company to new heights. Ayodeji Ake writes

Purple Group is Nigeria’s institution at the forefront of real estate investment in the country. The Lagos-based multi-dimensional company is reputed for investment in the development, management, and acquisition of superior multi-purpose properties and infrastructure across a wide range of sectors to democratise access to real estate ownership and investment, breaking down the barriers that prevent investors from the gains of appreciating assets.

Strategic Partnerships

Purple is currently executing a deal with Bank of Industry & Keystone Bank, its partners in the public and private sectors, for the completion of PurpleLekki, situated in Lekki Phase 1, Lagos. 

Besides, Purple, a real estate investor, has a strategic partnership with The Ascott Limited, an international iconic brand, to deliver Nigeria’s first professionally managed short and long stay.  The Ascott Limited (Ascott) is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott’s portfolio spans more than 190 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. Ascott has more than 70,000 operating units and about 51,000 units under development, making a total of more than 121,000 units in over 770 properties. Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.

Funding

Just before the new partnership with The Ascott Limited, Purple through Purple Urban Limited, concluded its Sukuk bond privately issued to the investing public, raising N5 billion. The bond issue was 100 per cent subscribed and has a maturity date of September 1, 2026.

“The Sukuk bonds were issued to finance the construction of 94 out of 112 housing units in an urban residential development of mainly 4 bedroom semi-detached maisonettes and penthouses, as well as 2, 3 and 4 bedroom apartments just off Freedom Way in Lekki Phase 1, Lagos, Nigeria,” the company said. The company is completing plans to approach the capital market to raise a hybrid capital of about N30billion as part of money needed to complete its ongoing Purple Lekki project in the Lekki suburb area in Lagos State.

Another Milestone

PurpleLekki, the company’s ongoing project in Lekki, is being built with state of the art exterior & interior pieces driven by cutting-edge technology. According to the developer, the project was designed to provide an infrastructural platform for entertainment, hospitality and retail. For instance, the Cinema embedded in the project, will bring a refreshing flavour to family and community entertainment patronage and management in Nigeria.

The 38,000 square metre Purple Lekki will encompass a premium 157-unit mixed-use development that blends high-quality residential, retail, entertainment, hospitality and co-working spaces to tap into the increasing demand for all-inclusive living.

The new construction is backed by financing from the Bank of Industry and guarantees from Keystone Bank. It forms part of an ongoing programme to build strategic alliances with domestic and international development partners to construct and deliver premium assets in prime locations.

Located on Freedom way, in Lekki Phase 1, Lagos, the development will feature a selection of new restaurants and concept bars, among other means of entertainment or relaxation, as part of the firm’s experiential offering, Purple Play. In addition to modern private offices, department stores and boutiques, PurpleLekki will include a dedicated tech and data centre to support business tenants and enable collaboration among tech-empowered communities that require state-of-the-art working infrastructure – making Lekki an even more attractive place to live, work and thrive.

The development also includes Citadines, a new serviced apartment offering for occupiers, where a commitment to customer service ordinarily experienced within a high-end hotel setting will be brought to the comfort of occupants living at home. This unique living experience will be delivered in partnership with The Ascott Limited, one of the world’s leading owners and operators of serviced residences.

Purple’s upcoming mixed-use oasis, Citadines Purple Lekki will play host to the new, refreshing living experience, which blends the convenience and hospitality of traditional hotels with the comfort of being in your very own home, says the local developer.

There are also plans by Purple to introduce home ownership arrangements by way of Fractions. According to the firm, Fractions solves the issue of access on the buyer and seller side and provides a level-playing field as well as gives an easier path to exiting real estate transactions.

As part of the plan under the Fractions model, it revealed, Purple would be launching a home ownership scheme with over N30 billion worth of properties listed.

Comments

Chief Executive Officer, Purple, Laide Agboola, hosted the signing event recently in Lekki to mark the occasion and led a tour to showcase the project. In his remarks, he reaffirmed Purple’s mission and increased ambition to scale up investment and accelerate growth in Nigeria’s real estate sector. “PurpleLekki enables holistic living, encouraging inclusion and communities, best-in-class entertainment and productive atmospheres for work that enable social and economic mobility and opportunity,” he said.

Purple is so much more than just a real estate company; we are shaping the market for real estate in the future and helping to define how a new generation wants the world to be. In Purple, you have a partner ready to realise a vision that creates space for us all.”

Also remarking, Chief Executive Officer, Market Square, Mr. Ebele Enunwa, commented, “Market Square has fast become a household name and the go-to grocery retail store for Nigerians in need of products they can trust at a valued price. However, the Market Square story could not have been written without our partnership with Purple. Signing this tenancy agreement to house our second outlet in Lagos signals the success of our first in PurpleMaryland and the next step of a progressive partnership that enables us to continue to meet Nigeria’s everyday needs.”

Chairman, The Ventures Parks, Kola Aina, said, “We are a nation where entrepreneurship abounds, but talent cannot pursue its goals or achieve its objectives, compete nor win big without an environment that harnesses home-grown potential. As such, we are delighted to leverage the PurpleLekki property development as we upgrade and scale our offering across the country and beyond to support the success of a new wave of startups, technopreneurs, and innovators that bring about the world of tomorrow today.

Chairman, Genesis Cinemas, Chief Nnaeto Orazulike, commented, “I have stopped doubting the capability of Purple, I am always amazed at their audacity, I trust in their determination. We at Genesis Group are committed to building world class multi use facilities in partnership with Purple.”