CMB, Vertikal seal merger deal, pursue increase in housing stock
Nigeria’s leading property development specialists – CMB Building Maintenance and Investment Company Limited has merged with a Polish firm, Vertikal Design and Build, creating a company that will assist the Nigeria’s government better control the supply of new units in the real estate market.
The deal coming amid falling rents and sales prices in the real estate market, largely due to the economic meltdown in the country. But CMB officials say, that CMB-Vertikal will foster growth in the housing sector hence, its recommitment to improving efficiency and subsequently expansion of its operational arm.
The Managing Director, CMB, Mr. Kelechukwu Mbagwu explained that the merger will focus on creating and improving building construction technology with emphasis on innovative building design, structural stability and elevated professional competence as well as greatly enhancing operational capacity to improve construction quality, affordability and infrastructure delivery in Nigeria.
He said: “The Polish firm has a reputation in Europe as the best construction experts and currently rated highly in the European Union community. They are very like Nigerians in their commitment to the principles and reward for hardwork.”
CMB has more than 13 years of industry experience and over 18 projects in Lagos, Abeokuta and Abuja. Mbagwu disclosed that CMB-Vertikal is saddled with projects such asa global community scheme for a pan African organization, affordable housing project for the Nigerian Police, Lagos Badagry development scheme, Fidelity Bank and Nigerian Breweries.
The Chief Operation Officer, Vertikal, Blazej Binienda said that the company has made wave in the construction industry.
“Since 1982, we have been active in the design and construction of buildings and infrastructure both in Poland as well as abroad. In the last 10 years we have constructed approx. 3,000 km of new motorways and expressways, and tens of thousands of kilometers of roads have been upgraded.
“We have built modern stadiums – especially for the European football championships in 2012. We have also built more than a million apartments and houses. We have attained the opinion of being the best builders, thanks to the quality of our work, our diligence, efficiency and ability to execute on schedule.
“We visited Nigeria and we know that CMB is a very strong and dynamic developer implementing a number of large investments in many places of the country. We are very keen to create a strong, modern company providing high quality performance, and acting in accordance with Nigerian, European and international quality standards.
Due to the large distances between projects in different parts of the country, we want to rely on the use of the latest communication technologies. We would like to introduce an effective system of organization in construction, quality management, meet stringent safety conditions and ensure environmental friendliness. Our goal is to create buildings that will be distinguished by attention to quality and durability, so as to get the best product on the market in its price range,” Binienda added.