Lagos re-energises Ikeja Central Business District with $100m City Mall

Ikeja Central Business District came alive last week with the inauguration of a massive $100million City Mall to redistribute traffic away from the Lekki mall and uplift Ikeja environs. The new shopping and leisure edifice was developed by a leading equity investor, Actis alongside its project partners, Paragon Holdings and RMB Investments and Advisory. Located at the Alausa Secretariat of the Lagos State Government on Obafemi Awolowo Way, the construction of the mall commenced two year ago, and was completed just last week. It sits on 27,000 square metre built area, encompasses 23,000 square meters of lettable area and space that can accommodate 100 shops including Shoprite’s latest generation store of over 4,400 square metres, KFC, Mr Price, Twice as Nice, Nike and Aldo. The design of the mall incorporates informal meeting places, a food hall and a five screen Silverbird cinema.

The shopping facility is bound by access roads on three sides while five hectare site is ideally positioned for convenient parking and shopping. The project architects are MDS and James Culitt Architects; development managers include Messrs West Port; while Messrs L & S and KOA are the engineers. Its equity partners are Paragon Holdings and RMBIA. Impressed by the construction of the modern mall, the Lagos State Governor, Mr. Babatunde Raji Fashola, said the new facility, which is stocked with locally sourced materials, represents an empowering of small businesses through a retail revolution. He also expressed hope that Actis has not finished in Lagos as Alimosho, Ikorodu, Badagry with the sufficiency of markets driven by population to justify are areas where similar projects are needed. Justifying the provision of the new mall, the governor said “First, it was our desire to use it to redistribute traffic away from the Lekki mall and in that way re-energise the Ikeja Central Business District and its environs as a stand-alone and selfsufficient business districts for almost four million residents, that will ultimately reduce the uni-directional traffic we see on a daily basis between the Mainland and the Island”. According to him, the numbers of new small businesses that are opening or expanding their outlets are the measures of real growth in any economy, adding that the mall represents a positive sign for the economy.

He said, “It speaks of an increasing demand for outlet spaces for small businesses like eateries, salons, grocery shops, cell phone and IT outlet stores, jewelers, ice cream, popcorn and entertainment outlets like cinemas which are the things we will see in this mall of 94 outlets. “The possibilities are seemingly endless. Investment and opportunities have converged; prosperity is imminent and a brighter and rewarding future is assured”. The governor affirmed that the state government has played its role as a catalyser of development, stating that the approvals and resettlement of the existing users led to the commencement of construction on the site in January 2010 which has culminated in the commissioning during which 1000 people were employed. Speaking at the event, Chief Executive (Head) Actis West Africa, Mrs. Ngozi Edozien, stated the coming of the mall would help to develop Lagos and the country as a whole. She pointed out that the construction of the project which is in partnership with the government, local visionary, international and local banker would bring employment and infrastructure development in Lagos. She reminded the audience that her firm built the Palm in Lekki, noting that the project created employment for many Nigerians, saying the same is expected of Ikeja City Mall.

She said, “We want to see significant numbers of retail market revolution here. Ikeja City Mall seals Actis’s reputation as the West African investor of choice: our local team in Lagos has unrivalled access to investment opportunities in real estate, financial services, industrials and consumer businesses, and a network that reaches across the region.” Director, Real Estate, Actis West Africa, Mr. Michael Chu’di Ejekam, said with the construction of Ikeja City Mall, some of the mistakes made in the construction of The Palms in Lekki have been corrected. He disclosed that the construction of the mall costs $100m, adding that the company provided the 50 percent equity while StabicIBTC Bank Plc provided the 50 per cent debt financing. According to him, Actis played the lead role in the conception and realisation of the Ikeja City Mall project, saying the company is the majority six shareholders in Gruppo with 60 per cent, the company established to own and manage the mall, while Paragon Holdings and RMBIA each hold 20 per cent respectively. He said: “Actis is proud to unveil Ikeja City Mall. This is a project that demonstrates Actis’s proven track record of delivering quality real estate for Nigeria. Ikeja City Mall opens up a space for Nigerians to work and relax and follow in the footsteps of Actis’s successful development of The Palms.”

 

DAYO AYEYEMI  via National Mirror