ARM properties acquires firm, plans affordable homes
The firm’s management urges government to encourage mortgage facilities whereby prospective homeowners would be able to access it and pay for 25 years, citing Tuinisia and other African countries where interest rate is said to be lower than Nigeria
DETERMINED to achieve its goal of bridging housing deficits in Nigeria, a foremost property development company, Asset Resource Management (ARM) Properties, has mapped out strategic moves to ensure towards providing affordable homes for Nigerians.
For that reason, it had acquired a foreign outfit, Mixta Africa, a Barcelona-based outfit, which specializes in housing delivery.
Unfolding the agenda of the firm at the launching of Mixta Nigeria, a new name adopted by the firm after the acquisition exercise, the Managing Director, Mixta Nigeria, Mr. Kola Ashiru Balogun, said the move to rebrand ARM property was informed by the desire of the company to meet its commitment to the housing sector.
According to Balogun, the move became imperative because it would attract foreign funding, which is the most critical aspect in project delivery. “Besides, it would allow us to expand our scope in Africa, and to ensure the provision of affordable homes in Nigeria”.
Giving the profile of the firm, he stated that Mixta Africa was founded in April 2005, and it became Europe’s first-mover and active player in the fast growing African Real Estate sector.
“With offices in Morocco, Senegal, Tunisia, Côte d’Ivoire, Nigeria and Mauritania and projects in Algeria and Egypt, we have a mission of leading the transformation of African cities.
“In 2015, Mixta Africa was acquired by Asset & Resource Management Company (ARM), an established asset management company headquartered in Lagos, Nigeria with circa US$3.5 billion under management”, he added.
Speaking on the vision of Mixta Nigeria, the company’s Chairman, Mr. Deji Alli, who is CEO Mixta Africa, said the firm would be the African foremost real estate developer by creating value for the clients through delivery of innovative solutions.
“The acquisition is part of ARM’s strategic move to establish a leadership position in Nigeria (Africa’s largest real estate market) as well as leverage Mixta’s multi-country presence to effectively pursue emerging opportunities in the continent’s real estate and hospitality space.
“ARM has over the last decade built a large and enviable real estate business in Nigeria under its subsidiary, ARM Properties Plc.