Consortium commissions Festival Mall in Lagos
Located on 3.2 hectares of prime land, Festival Mall was conceived by UPDC Plc. as part of a commercial cum entertainment node in Amuwo Odofin LGA. Other facilities in the hub include Golden Tulip Hotel & Conference Centre, which currently hosts over 100 large-scale conferences annually and The Residences, a block comprising of 195 apartments
TWO and half years after it was announced that the retail sector of the economy would be boosted in Festac town, Amuwo-Odofin Local council Area of Lagos State, a consortium of investors, which saw potentials along the corridor, has finally completed and commissioned a world-class real estate project, known as Festival Mall.
The mall, which has injected more business activities into the economy, is standing in a mixed-used hub comprising of the Golden Tulip Hotel, formerly Durban Hotel and The Residences, which is a premium residential apartment block.
Festival mall, developed by UACN Property Development Company Plc (UPDC) was berth through the vehicle of First Festival Mall Limited, a joint venture between UPDC Plc., Africa Capital Alliance and UPDC Real Estate Investment Trust.
The Governor of Lagos State, Mr. Akinwunmi Ambode through his representative, Special Adviser on Commerce and Industry, Mr. Benjamin Labinjo, commissioned the edifice, which occupies 3.2 hectares prime land within the neighbourhood.
Festival Mall was conceived by UPDC Plc. as part of a commercial cum entertainment node in Amuwo Odofin LGA. Other facilities in the hub include Golden Tulip Hotel & Conference Centre, which currently hosts over 100 large-scale conferences annually and The Residences, a block comprising of 195 Apartments.
Features of mall include gross buildable area of 12,722sqm, 10,071m2 of leasable space, comprising of 4,508sqm of retail line shops, 1,035 of F&B shops, cinema of 5 viewing screens, 3,320sqm of anchor space and ample car park.
According to the Managing Director, UPDC, Mr. Hakeem Ogunniran, the mall and other complimentary facilities nearby would offer a complete and sustainable environment for work, hospitality, recreation and retail experience.
The mall, Ogunniran added, would also provide delightful shopping experiences to residents of Festac Town, Mile 2, Crystal Estate, Anchorage Estate, Okota, Navy Town among others and create a destination point for residents of Lagos State.
With the varied tenant mix, UPDC MD said, that ensures there is something for everyone at the mall with offerings ranging from entertainment and leisure to clothing, groceries etc.
Tenants already subscribed to the mall are Silver Bird Cinema, Shoprite, UAC Restaurants, Debonairs, Etisalat, Slot, Diamond Bank, Rhapsody, Kilimanjaro, Ocean Basket, Office Everything, Montaigne, Sports World, Timepiece Place, Mondo, Lush, Accessories2die4, GNC Livewell, Audacious, Lifemate, MayBrands, Essenza, Healthplus, Nike, Diva House, Time Keepers, Casabella, Opticka Vision, Ennzo, Tesla Mobile, TM Lewin, Levi’s, PC Corner, Gene Bendi, Sumptuous Meals Ltd, Ennzo, Ruff n Tumble among others.
Deputy Managing Director, Stanbic IBTC Bank, Dr. Demola Sogunle said, it was a thing of pride for it to support landmark real estate projects in Nigeria, which contribute to economic growth, improve infrastructural development and ultimately create jobs for Nigerians.
“It is our belief that the mall, which is strategically located within the Amuwo-Odofin and Festac community and in close proximity to the Badagry expressway, which is currently undergoing expansion works and include a rail line by the Lagos State Government would provide a cultural hub and diversity for the surrounding area and would be the first modern retail facility within the location.”
According to the bank, a sum of $9m bridge facility was provided as part funding to commence the development phase and subsequently refinanced the amount with the provision of a seven-year $25m medium term loan facility representing 50 percent of the total project cost.
“Despite the difficult operating year in 2015, debt funding was secured for the project. In addition, the bank provided additional support via transactional banking and hedging products to further enhance project feasibility. The transaction structure, which allows quarterly rental payments and a bullet repayment at maturity, eases the cash burden on tenants and supports new businesses that may otherwise struggle with lump sum upfront rental payments.”
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