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Purple Real Estate to Acquire Mansard Place for N12 billion

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Purple, a Real Estate Investment Company is in the process of acquiring Mansard Place, a prime commercial office building in Victoria Island Lagos for N12 billion.

The property is about 9 years old with a Net Lettable Area of 6,902.45sqm.

Purple expects to earn N1.5 billion as rental incomes from the property in 2023, with major tenants including General Electric (GE), SAP and AXA Mansard Investments Limited.

Purple Real Estate Income PLC is currently in the market to raise N10 billion, though an Initial Public Offering or IPO representing 2,000,000,000 Ordinary Shares, at an Offer Price of ₦5 per share.

Purple’s five subsidiaries are Maryland Mall Limited, Purple Proptech Limited, Lekki Retailtainment Limited, PurpleAsset Managers Limited, and Cible Media Limited.

The Company had total assets of c.₦26.42 billion (with a CAGR of c.43% over the past 5years), Revenue of ₦1.79 billion and Profit Before Tax (PBT) of ₦1.52 billion in 2021.

Purple Real Estate Income PLC is a specialist investment firm with businesses in Financial Services, Lifestyle Development and Real Estate.

Purple commenced operations in 2014 and is responsible for the development of the Maryland Mall now Purple Maryland, a Grade-A mixed-use centre.

Purple is looking to build a portfolio of investment-grade small/mid-scaled real estate assets in densely populated areas, starting in Lagos, Nigeria.

The concept is to replicate these mixed-use neighbourhood experiences in busy urban hubs.

These assets combine elements of retail, entertainment, residential, hospitality, coworking, private offices and advertising amongst others.

The company also has a strategic alliance to build up to 30 retail locations for a leading supermarket chain in the country.

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