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Novare acknowledged with lagos real estate deal of the year award

30 Jul 2017

Novare Lekki mall, developed by Novare Equity Partners, has been awarded Real Estate Deal of the Year by The Lagos Chamber of Commerce & Industry (LCCI) in Nigeria at its 2016 commerce and industry awards.

The awards, which were bestowed at a function on Saturday 29 July 2017 at the Lagos Oriental Hotel, celebrate companies in the business community of Nigeria “who have excelled in their various fields of endeavour, delivering social impact, causing change in the economic landscape and delivering on promise in 2016”.

Derrick Roper, Chief Executive of Novare Equity Partners, said the award was a great honour that could not have been achieved without the group’s Nigerian-based project team.

“Focused on sub-Saharan Africa, Novare has built a team with unrivalled expertise ranging from actuarial modelling, investment management, property development and facility management. Our hands-on Africa team is on the ground in the countries in which we operate to ensure that we deliver for our tenants and investors,” said Roper.

Novare Equity Partners is a private equity fund manager with a 10-year record of developing and managing retail and commercial real estate investments in sub-Saharan Africa outside of South Africa.

Novare Lekki mall, one of the group’s flagship projects and the largest shopping centre in Lagos, opened for trade on 25 August 2016. The centre was developed by Novare Real Estate Africa at a project cost of $83 million and boasts 22 000 square meters of gross lettable area.

With Shoprite and Game as anchor tenants, the mall has close to 100 shops, including restaurants and five Genesis cinemas, as well as 1 000 parking bays. Other tenants include Pep, Swatch, Levi’s, Spur, Nike, Sports World, Medplus Pharmacy and Standard Chartered Bank.

Jan van Zyl, Novare Equity Partners’ Country Head in Nigeria said his team was proud of the achievement. “Our thanks to our business partners and associates in Nigeria who helped to make this award a reality. The recognition underscores our ability to successfully develop and manage modern retail and commercial facilities in sub-Saharan Africa.”