Firm unveils plans for Agbara Logistics Park
To further strengthen its presence in the nation’s real estate sector, Agbara Estates Limited (AEL) has unfolded plans to commence the development of estates to drive future development in Agbara Estate.
According to the firm, the development plans for the estate represents Momentum Africa Real Estate Fund (MAREF) and its partners Land Afrique and Eris Property Group’s commitment to investment in the country.
With the estate already hosting 35 operational manufacturing factories, the firm noted that the 100 acre development site is expected to commence with ground works soon and will employ nearly 3,000 construction workers for the duration of the construction period.
“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.
“Indeed, the master plan for the future evolution of Agbara Estate is expected to include serviced sites available for development, a convenience shopping centre, business hotel, offices, informal retail market, lorry parks, access control and an independent power plant.
“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 head of Africa Investment Strategies at Momentum GIM, David Lashbrook, a firm that manages the $250 million MAREF fund.
“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 Development Manager at Eris Property Group, Andre van Eeden”, the statement from the company added.
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