Novare Shocks Market: Lekki Mall and Trio of Premier Properties Listed for Sale – In a shocking turn of events, Nigeria’s property sales market is buzzing with the most unexpected news. Four of the country’s premium retail facilities in Lagos and Abuja are up for grabs, and the mastermind behind this unforeseen decision is none other than Novare Real Estate Nigeria Limited (NREN).
These aren’t just any retail facilities; they are the crème de la crème of Nigeria’s retail space. The iconic Lekki Mall, the bustling Apo Mall Abuja, the vibrant Novare Central Mall, and the captivating Gateway Mall Abuja are all set to get new owners.
For those who’ve been closely tracking the market, this move by Novare – a giant in commercial property development and management – is nothing short of a bombshell. With a glittering decade of reshaping Nigeria’s property landscape and making significant strides in other Sub-Saharan African nations, Novare’s decision has left everyone second-guessing.
While the rumor mill is in overdrive, the real reason behind this monumental decision remains a mystery. However, whispers from sources like Estate Intel, a renowned online property research platform, hint at the possibility that this could mark Novare’s departure from the Nigerian scene. After all, these architectural marvels are their only stakes in Nigeria’s real estate game.
A quick trip down memory lane reminds us of Novare’s trailblazing journey in Nigeria. They weren’t just any institutional investors; they were the visionaries who transformed the Nigerian retail market. Their endeavors played a pivotal role in spearheading a retail revolution, making them the talk of the town.
The Lekki Mall, fondly known before as the Novare Mall, stands tall as the most expansive retail hub in Lagos. Unveiled in 2016, this mall stretches across a jaw-dropping 22,000 square metres along the Lekki-Ajah Expressway. It’s a shopper’s paradise, hosting renowned brands like ShopRite, Genesis Deluxe, JED Lifestyle, Miniso, and the list goes on.
Meanwhile, the Apo Mall, nestled in Abuja’s Dutse area, spans 8,000 square metres. Its impressive 97 percent occupancy rate as of June 2023 is a testament to its popularity, housing giants like Megastores, PEP, BAFFI Furniture, Krispy Kreme, and Shoprite.
Not to be outshined, the Gateway Mall, which opened its doors in 2017 along Abuja’s airport road, occupies 14,000 square metres. It’s a hub of activity, boasting tenants like BAFFI Furniture, Funworld, Genesis Deluxe Cinema, and EHA Clinics.
Rounding off the list is the Novare Central, an urban oasis located in Wuse’s Zone 5. Covering 11,000 square metres, it’s home to brands like Shoprite, The Vue, Esteem Furniture, and Active Leisure.
As the real estate world comes to terms with this news, one thing is clear: this might be the golden opportunity for investors to own a slice of Nigeria’s retail legacy. As for what’s next for Novare, only time will tell. Stay tuned to this space for more updates!