Nigeria to get waterfront project

A leading SA property group has signed a memorandum of understanding with a Nigerian company for a joint venture to create and manage a waterfront development in Abuja, the federal capital.

Ben Kodisang, managing director of Old Mutual Investment Group Property Investments (OMIGPI), says his company and Cerberus Ltd will have an equal share in a company driving the Jabi Lake development project.

"Our aim is to design, construct, develop and manage a precinct of commercial properties on a 29,3 hectare site at Jabi Lake in Abuja," he says.

Kodisang says the Nigerian joint venture is another step into Africa and other international markets for OMIGPI operations. Last year the OMIGPI-managed SA Corporate Real Estate Fund bought a 25% stake in Namibian-listed Oryx Properties Ltd.

It also follows the establishment by OMIGPI and ICS Realty of India of the $500m Triangle Real Estate India Fund which is initially aiming to capitalise on the rapidly expanding organised retail market there.

Kodisang says Abuja and the Federal Capital Territory have experienced huge population growth over the years.

"As Nigeria's capital from 1991, Abuja is known for being the best purpose-built city in Africa. It houses the Presidential complex, National Assembly, and Supreme Court. In addition to a being major governmental centre, Abuja is the headquarters of the Economic Community of West African States (ECOWAS) as well as its military arm, ECOMOG. It also has the regional headquarters of OPEC and is home to most countries' embassies.

"It is served by an international airport and in recognition of the importance of conference and business tourism, has a large conference centre in the central business district."

For more information contact Mike Kerkhoff on 021 425 8085.

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