Bolaji Edu on Power Lunch at CNBC Africa Discussing Real Estate Performance in Q3

Bolaji Edu, CEO at Broll Property Services Nigeria was on Power Lunch at CNBC Africa this afternoon. He spoke on the performance of the real estate sector in Q3 and other topical issues. Watch the video below for more.

Broll Attends Emerging Markets Retail Summit in Dubai

(4th from left) Obi Uzoigwe, Senior Retail Broker - Broll Nigeria. (2nd from right) Moses Luri, Retail Leasing Manager - Broll Ghana

Earlier this month Obi Uzoigwe, a Senior Retail Broker at Broll Nigeria and Moses Luri, Retail Leasing Manager at Broll Ghana attended the 1st Annual Emerging Markets Retail Summit at the Burj Al Arab in Dubai. The summit was a key event for global retailers interested in Emerging and Growth Economies around South East Asia, Russia, Africa and the Middle East region. It also provided tools to help progressive retailers work efficiently and keep up with the fast changing market place in emerging retail markets such as that in Nigeria. 

Obi explained that the event shed light on the skepticism many global luxury brands often face in making an entrance into the Sub-Saharan retail space. Along with the security challenges, many believe that the buying power is simply not there in volumes, despite the large rapidly growing population.

Rising disposable incomes, a growing population and strong fundamentals are among the key drivers for growth within Nigerian retail sector. However, as Obi noted, growth in tenant depth in Nigerian malls remains a notable problem.

Are you interested in Nigeria's retail market? For more information on retail leasing and consulting, shopping center management or anything retail related please contact us on retail@broll.com.ng.

Broll at MAPIC 2014

Source: Mapic

Broll will participate at the 20th edition of Mapic at Cannes, France, at 19-21 November 2014. We will be represented by Gavin Cox, Retail Portfolio Executive, who will be there to meet retailers and investors from around the world.

Mapic is more than just a retail exhibition; it is a truly international market, where retailers interested in expanding their footprint meet investors, developers and service providers. It offers 3 days of tailored business meetings between participants, expert-led conferences and a premium exhibition for industry leaders targeting all types of retail property: city and shopping centers, factory outlets, leisure areas and transit zones. Below are key demographics for this year’s event.

• 8,300+ unique participants
• 2,400+ retailers
• 67 countries
• 1,400 brands represented
• 685 exhibiting companies
• 2,300+ developers
• 900+ investors
• 412 new brands

Are you registered for MAPIC? View some of the projects we're involved in on our MAPIC profile.

Broll Staff Named Vice-Chairman of RICS Nigeria Group

Earlier this week, Mr. Jimmy Olayinka Omotosho a Portfolio Executive at Broll Property Services was elected to the position of Vice-Chairmanof the Royal Institution of Chartered Surveyors (RICS) - Nigeria Group. The RICS is the world's leading professional body for qualifications and standards in land, property and construction.

Mr. Omotosho, who is also the Divisional Head for Advisory at Broll, previously served as the Secretary to the organisation and his consistently impressive service earned him the election to Vice-Chairman. We are pleased and optimistic about the prospects of this new development and believe it is reflection on the quality of service we can provide, especially in our Advisory unit.

For any questions regarding Advisory please contact research@broll.com.ng and you will be put in touch with the relevant person.

New CEO At Broll!

This September, we are excited to announce that Broll Property Services has a new CEO. His name is Bolaji Edu. He joined us earlier this month and brings a wealth of experience from Aviva Investors and JLL in the UK. He has had experience with European real estate, public sector pension funds, investment advisory, strategic asset management, investment sales and purchases, developments, leasing as well as property management and valuations.

Bolaji has a degree in Economics and Business Economics from the University of Hull, UK and is a member of the Royal Institute of Chartered Surveyors. He excited to be at Broll and is keen on taking the company to the next level. 

For any questions please contact research@broll.com.ng.

Broll Staff Attend Conference on Urban Migration and Renewal in Nigeria by Mail and Guardian Africa

Urban Migration and Renewal in Nigeria:  Future Drivers of Economic Growth. How African cities will be the biggest drivers of the Rising Africa Story?

On Wednesday August 15^th, Broll Staff attended an event which was hosted by Mail and Guardian Africa at Four Points Hotel.

The recently launched pan-African news and information portal noted that Nigeria was chosen to lead the debate because Lagos is expected to be the 11th biggest city on the planet by 2015 with 16 million inhabitants.

'As we struggle to find the means to house and feed the people undertaking rural-urban migration, Africans will look to Nigeria as the first to face the mammoth task of ensuring that human settlement, infrastructure development and job creation are well managed in the growing city-society.' - Mail & Guardian Africa.

During the event Governor Fashola, who was the Speaker noted 3 key things that needed to be done:

• Invest in education - He explained that this was a key route to national development especially within the science and technology sectors. 
• Embrace Information Technology - Governor Fashola also called on Nigerians to utilise the internet and also social media to aid in bridging the development gap.
• Reduce Poverty - By means of reducing the large infrastructure deficit. 

Broll Q2 Office Report in Businessday Article

Broll's Q2 Office Report was recently quoted in a Businessday Article that noted Prime office space rents up 17% as investors raise demand. The article explained that an increased demand for prime office space from international investors comprising mostly insurance companies and property fund managers seeking entry into Nigeria’s commercial real estate market has increased rents in exclusive locations such as Ikoyi by about 17% in the past six months.

Broll has a different view on this. Although growing institutional interest in the Nigerian real estate market has grown recently, that was not the reason rents increased. Increased interest from institutional investors in real estate assets would typically increase the price of the asset, not rental rates.

To read our Q2 Office and Retail reports see the downloads tab on the Broll website.

 Read the Businessday article here.

Nigerian Real Estate Market Valued at N6.4tr ($41b)

Following rising demand for commercial space and housing for middle-income and young professionals in Nigeria, the nation’s real estate market has continued to grow with the sector now valued at N6.4 trillion ($41.2 billion). According to a report by Agusto & Co., the Lagos sub-segment of the market accounts for at least 40 per cent of the Nigerian market.

The report revealed that growth continues to be driven largely by new to market residential and commercial properties in Lagos, Abuja and Port Harcourt. The market is estimated to grow by an  average of 10 per cent in 2014 and 2015 respectively.

Read more on Thisday.

Q2 Office and Retail Quarterly Reports Now Available!

We are now in Q3 and Broll Nigeria has released its Office and Retail Quarterly reports for Q2. Each report includes an Economic Overview, Real Estate Overview, Major Shifts and Transactions section as well as an Outlook, where we discuss all relevant matters that occurred during the quarter.

In the office sector, we saw that investments into the sector are not limited to international interests. The Nigerian Sovereign Investment Authority (NSIA) recently released their flagship annual report with a strong focus on real estate investments. Furthermore, looking forward to the next quarter and beyond development completions will begin to rise sharply. In Q3/Q4 a few properties including Rose of Sharon Tower, Civic Center Tower, NIPOST Towers, Kanti Tower and Landmark Tower (90% leased) in Victoria Island will be nearing completion or coming on the market.

In the retail sector, Q2 saw a lot of activity recorded in Lagos, with Ikeja City Mall seeing the most transactions as 3 new retailers signed leases for space in the mall. The retail development pipeline is also very strong across the country and there is currently over 200,000m² of space under construction, mainly concentrated in the Southern regions of the country. In one of the new malls under development we are expecting luxury global brands like Versace, Armani Jeans, Swarovski and more.

Have a look at the report for more information! To get a copy please see the Downloads tab on the Broll website. 

The research team is committed to fostering transparency in local real estate markets. We hope you enjoy the reports. For more information contact Nnenna Alintah on research@broll.com.ng.

BROLL IS 10! #10YearsOfBroll

It has now been 10 years since Broll was established in Nigeria!

For over 10 years we have been maximising property potential for our clients and we don't intend to stop! In the process, we have earned a formidable reputation for delivering quality, effectiveness and value.

We hope to continue to serve the property market for many more decades to come. Looking forward to the next 10 years.

#10YearsOfBroll

Towers at the World Trade Center in Abuja Nearing Completion

World Trade Center, Abuja

The 1st phase of World Trade Center mixed use development in the busy CBD of Abuja is nearing completion. The development which currently holds 1 office tower and another residential tower is expected to be complete by year end 2014 or the 1st quarter of 2015. The Tower One Residences will feature elegant and spacious 1 to 6 bedroom layouts in single floor and duplex floor plans, as well as underground secured parking, concierge services and VIP access to Capital Mall. 

Likewise the office tower includes modern and flexible A grade commercial space spread out over a floor plate of 1200sqm with a host of other amenities, including tightly controlled access and erudite business services. The development is set to raise the standard for office space quality and high end residential apartments in the capital city of Nigeria. 

In coming years, as Nigeria's economic prospects continue to lure international investors in, demand for office space in this region which is typically driven by governmental organisations and political forces should rise. The other phases of the development will include more office space, residences an upmarket hotel as well as a modern mall. 

If you are interested in an apartment/office  space or would like to find out more about the World Trade Center please contact our Head of Commercial Broking - Olufemi Oyinsan - ooyinsan@broll.com.ng.

Residential Tower on Eko Atlantic Already Sold Out

Eko Pearl, Eko Atlantic

The Eko Pearl Towers development is an up market residential project in the heart of the $6b land reclamation Eko Atlantic scheme. 
During an event focused around this new development, which held at Eko Hotel on the 7th of June, it was revealed that the first tower which is already under construction is completely sold out! Fortunately, purchases and commitments to purchase were being accepted for the second. Demonstrating for many that this project is not a white elephant.
It will consist of 5 towers, each with its own identity and colour highlighting the slight difference in their design and outer structure. 
The towers sit in a self contained area on the island with secure parking and a garden terrace which is almost 23,000sqm. The development will also include a swimming pool, 2 tennis courts, squash court, children's playground, landscaped paths, sitting areas and an open air bar. Furthermore, each tower will come with its own private health club, meeting room and lounge.  Apartments and penthouses sizes range from 144sqm to 248sqm. There has also been alot of activity on a commercial front on the Island, with many banks making commitments to develop impressive high rises and possibly relocate their corporate headquarters to the region. 

If you are interested in buying an apartment or would like to find out more about Eko Atlantic please contact our Head of Commercial Broking - Olufemi Oyinsan - ooyinsan@broll.com.ng.

Broll's Staff Panel Discussion on 'New Directions and Strategies in Real Estate Investing - Trends and Market Outlook'.

Panelists at Africonomie Forum

On Tuesday members of Broll attended the Africonomie Nigeria Institutional Investment Forum.  During the forum, Yinka Omotosho and Femi Oyinsan of Broll were panelists on a discussion on 'New Directions and Strategies in Real Estate Investing - Trends and Market Outlook.

The session was geared towards examining the macroeconomic analysis of the Nigeria real estate market, with emphasis on the importance of current economic trends on real estate investments. The panelists discussed real estate investment and development trends, real estate finance and capital markets, property sectors, strategies for managing risk and optimizing return, public-private partnership initiatives and other real estate issues in Nigeria.

Other Panelists for the discussion Broll participated in included

Tosin Ajose - Senior Associate at Detail Commercial Solicitors

The two day event was part of a series of bespoke forums designed to connect Africa Pensions and Sovereign Funds with Institutional Investors in Europe, Middle East, Asia and US. 

During the discussion Olufemi of Broll discussed the scarce availability of A Grade assets, following strong interests from international investors. Yinka Omotosho noted that the retail market in Nigeria was growing exponentially on the back on rising disposable incomes and greater urbanisation. He explained that over 200,000sqm of space is in the retail development pipeline across Nigeria.

The two day event was part a series of bespoke forums designed to connect Africa Pensions and Sovereign Funds with Institutional Investors in Europe, Middle East, Asia and US.

See the video from the discussion below.

http://www.youtube.com/embed/YqcVsAgBmwg

For real estate market research and intelligence from Broll please contact us at research@broll.com.ng.

Businessday Article - Growth in Office Market

Broll's Quarter 1 Office Market Update was referenced in an article by Business Day on May 13, 2014. The article discussed in detail the growth of the Lagos office market and also noted that the Lagos office market space has witnessed a significant growth, with Ikoyi and Victoria Island still the most highly-priced locations in Nigeria.

Please follow the link below to read the full article.

Businessday

For real estate market research and intelligence from Broll please contact us at research@broll.com.ng.