Eko Atlantic City, a unique, innovative development, in a vibrant environment with 21st Century facilities on the coast of Lagos has reached advanced stagesin the first 5 million sq. metres of the project.
Buoyed by impressive prospects in some parts of Africa, where demand outstrips supply of quality stock, JSE-listed Pivotal Property Fund is pushing ahead with its expansion into the hinterland. In addition to Nigeria – where the fund is invested in a27000m² office development on Victoria Island, its first cross-border asset (that is leased to Oando Oil & Gas) – Pivotal has its sights on opportunities elsewhere on the continent.
Institutions looking to invest in property in Nigeria face numerous hurdles, but perseverance, strict due diligence and an intimate knowledge of the idiosyncrasies of the property environment can lead to a measure of success.