TradeInvestNigeria Staff
Posted on: Tue, 15 Apr 2008
Old Mutual Investment Group Property Investments (OMIGPI), together with a local Nigerian company, is going to construct and manage a waterfront development in Abuja.
OMIGPI and their Nigerian partner Cerberus will have an equal share in the joint venture.
According to Ben Kodisang, OMIGPI MD, the Jabi Lake development is valued at between US$300 million and US$500 million.
Kodisang said they see the development as an awesome investment opportunity. The Jebi Lake development will feature commercial and residential space, as well as two hotels.
Louis Karol Architects, who have been responsible for parts of the Victoria & Alfred Waterfront in Cape Town, has been appointed as architects for the project.
The deal was signed early in April and OMIGPI is hoping to commence with construction at the beginning of next year. Construction is expected to take at least 18 months.
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