…As the Mall valuation rakes in N80b for investors
L-R: Obinna Onunkwo, deputy chief executive officer of Purple Real Estate Income Plc; Olaide Agboola, chief executive officer; Babajide Sanwo-Olu, governor of Lagos State and Olajumoke Akinwunmi, chairman of Purple Real Estate Income Plc, during the unveiling ceremony of Purple Mall Lekki, Lagos recently.
The Chief Executive Officer of Purple Real Estate Plc is Olaide Agboola. He said the valuation of the asset on a full basis was well in excess of about N80 billion. This includes third-party interest. This valuation was as at December 2024, excluding third-party interest.
He said: “For interest that belongs to Purple itself, we’re looking at about N55 billion. We have made sure our short-term obligations are fully eliminated. This ensures that we’re down, which means we’ll probably be down to about 10 per cent debt to gross assets. We can take that back up to about 20 per cent in terms of debt to gross assets.
”Agboola said the aim was to make a significant impact within the Lekki environment. They want to take a huge chunk of the market share in terms of the economy. The goal is to domicile that within the building when it’s fully operational. With that amount of equity in our hands, I think we must focus on the impact we want to make. This impact should extend into the foreseeable future, over the next five years. And for us, the only play is infrastructure. We need to set a sustainable basis for this. It will make sure we fully feel the impact we make within the city of Lagos. The equity from public activities will also be fully felt.
“We are not a destination center per se, we’re a neighborhood center. We’re a center where you can easily walk to, you can easily drive to. We’re within the community; we’re part of the community. That concept inspired the neighborhood idea. We aim to co-locate all of these great brands doing different things within different spaces. We offer essential goods like medicine, pharmacy, supermarket, and retail. We also offer entertainment aspects like cinema and skating. Additionally, we infuse other elements that are essential to the soul. Within the building, we’ve got a gym, we also have a fitness center,” Agboola added.
The health and wellness center is coming up within the building. At the same time, it’s going to have long and short stay apartments. People could live there and stay for short and long periods, Agboola stated. “Whether you’re a domestic or you live in Lagos, we have all that space within this building. Or perhaps you live outside of Lagos or outside of the country. If you’re coming in for a visitation, business, or tourism, we have all that space within this building.
In his remarks Lagos State Governor, Babajide Sanwo hailed the Developers of Purple Mall Lekki. He said: “This place is a destination where all live activities can happen. You can live, play, relax and go to the gym. So it is a full one-shop ecosystem”. “I appreciate the amount of effort that has been put into making this happen. More importantly, I applaud the sheer size of this project that we have seen dotted on Freedom Way Lekki”. He prided himself on successes like this. They show his sheer belief. They demonstrate his resilience to transform the prosperity and unlock value in our city.
According to him when we innovate, think out of the box, challenge ourselves we can achieve it. I realise that we are not documenting the successes recorded in Lagos by doers. I believe it is time for all of you in your little spaces to start documenting your successes. Your accomplishments matter, no matter how small. I want to encourage the management of purple Lekki. Let it not just stop at this area of Lagos, he added. He said: ‘I am the governor of over 25 million. So my challenge to the board and management is to ensure the money in Lekki. Let it also reflect in other areas of Lagos. All you need to do is have the flexibility to adapt to the needs. You should also work on improving the prospects for various locations in Lagos.’ He said: “I want to say that every part of Lagos is vibrant. I can assure you that the Lagos State government is ready to support us. We will do whatever it takes to work and be sustainable. Our goal is to spread the prosperity of Lagos. Once this is done, the city will begin to develop in a somewhat even manner. I want to stand here. I want to say to you that we as a government will continue to provide an enabling environment. This will happen.”
“We will continue to ensure that whatever the case, whatever the challenges, or hiccups that you have, that will not be a hindrance to the visions or to the investment you want to increase. We are ready to sit with you, We are ready to discuss. I am ready to remove the red tape because it’s only when we create an enabling environment for Businesses that they can flourish. We can’t do all, we need the private sector to do it. I am told that in this premises there could be about 1,000, 1,500 people that are out of the unemployment market”.
