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Novare Equity Partners grows its property team in Nigeria

11 Feb 2015

Novare Equity Partners, the private equity fund manager with a mandate to invest in African real estate outside of South Africa, has expanded its team with the appointment of Divan Nieuwendyk as Assistant Project Manager for the Lekki Mall in Lagos, Nigeria.

Lekki Mall is due to open in April 2016, and is the most recent project that builds on Novare's extensive track record in fund management and property development in Africa.

Mr Nieuwendyk joined Novare in February 2015, bringing six years of experience in project management, including major projects in the retail sector in South Africa.

Construction on the $83 million Lekki Mall began on 21 November last year. On completion in April 2016, the Lekki Mall will have a total building size of 28 000 m² and an overall shopping floor area of 22 000 m², making it the biggest shopping mall in Lagos State.

Lekki Mall is being developed by the Novare Africa Property Fund in conjunction with Zenith Bank as debt funders at an estimated total development cost of $83 million (Naira 14 billion).

The Novare Africa Property Fund, a private equity fund based in Mauritius and funded by South African pension funds, has made significant investments in the Nigerian retail sector, including the Grand Towers Abuja Mall in the Federal Capital territory.