Since the firm’s establishment over 34 years ago, the real estate team has grown from providing standard drafting and negotiation support in relation to basic real estate contracts to advising its local and international clients in connection with real estate financing transactions, project finance, mortgage schemes and other property acquisition transactions.
This group has, to its credit, advised its local and international clients in connection with land acquisition, foreign investment approvals, financing and construction of several real estate projects in Nigeria - projects which required the firm/real estate group to advise on the regulatory framework for development of the properties, procurement of the relevant approvals, establishment of the project companies and to carry out extensive due diligence to determine ownership/title to the relevant properties.
The team advised in relation to the establishment of a N30 billion REIT that has been registered with the Securities and Exchange Commission, the units of which have been offered to the public for subscription. The team has also advised a real estate development company in connection with the execution of its mandate from a State government to construct affordable housing estates, and has for years provided advice to one of Nigeria’s leading banks in connection with its employee home-acquisition mortgage scheme. The team has also recently advised on the financing of various corporate real estate acquisitions.
In the hospitality sector, the team has recently advised promoters, developers and investors in connection with the construction and development of the Jabi Lake Mall (which will, on completion, be the largest mall in Nigeria). The team has also advised on the refinancing and expansion of the Palms Mall, the development of the Ikeja City Mall and the acquisition of Ikoyi hotels (now Southern Sun, Ikoyi) and various other proposed hospitality sector real estate acquisitions. The team was actively involved in advising on equity and debt investments in a group company that owns several shopping malls across Nigeria.
Members of the firm’s real estate group has written extensively on real estate practice in Nigeria/the Nigerian land tenure system, some of which appear in the annual World Bank Doing Business Reports (”Registering Property in Nigeria”).