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AXA Mansard Backs Purple Capital with N800m Investment


Leading asset manager, AXA Mansard Investments, has concluded N800 million investment in Maryland Mall, an ultra-modern retail development sponsored by Purple Capital Partners Limited.

The Maryland Mall is estimated to be worth over ₦5 billion (about $25 million) upon completion, later this year.

Maryland Mall sits on one of the most important arterial routes in Lagos today, with 5,000 cars passing through every hour.

The mall sits on a total land size of 7,700sqm and will have the first dedicated underground car park within any mall in Nigeria. It will play host to a mix of local and international brands anchored by Shoprite, Genesis Deluxe Cinemas and The Place restaurant.

Further cementing the long term viability of the retail facility, Shoprite has selected the Maryland Mall for the Nigeria debut of its Usave brand shopping concept.

The mall will also have a 550 square meter LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.

Commenting on the investment, Mr. Obinna Onunkwo, Co-Managing Partner of Purple Capital Partners Limited. said: “We are particularly delighted to be partnering with AXA Mansard on this journey into the future of retail in Africa’s largest economy. This transaction represents much more than a cash injection in the project, it is an expression of the trust reposed in the project and its importance in the evolving retail landscape.”

Lagos is expected to lead the national count for malls over the next decade, in tandem with the city’s fast growing population, currently put at anywhere between 17 and 20 million people. Projected by the United Nations to be the ninth largest city in the world by 2030, the city and its suburbs is now home to a fast growing middle-class. Ultimately, their lifestyle choices will fuel the demand for modern goods and services.

Also commenting on the investment, Mr. Olaide Agboola, Co-Managing Partner of Purple Capital Partners Limited said: “Notwithstanding the challenging economic climate, Nigeria remains an investor’s haven, and this strategic transaction with AXA Mansard is clear evidence that it is possible to structure sound investments that can impact different sectors of the economy.”

“It also confirms the efficacy of our investor and stakeholder relations, effectively incorporating the demands and privileges of key stakeholders in the financial services industry, land owners, the Lagos State Government and relevant federal institutions and authorities,” Agboola says.

Analysts estimate that Nigeria has at least 18 large shopping malls, each with at least 10,000 square meters of space to rent (about 108,000 square feet), serving the country’s 182 million people.

Comparatively, 60% of South Africans shop in formal retail supermarkets compared to 30% of Kenyans, 4% of Ghanaians, 2% of Nigerians and 2 % of Cameroonians.

Mr. Deji Tunde-Anjous, Chief Executive Officer of AXA Mansard Investments Ltd. commenting on the investment said: “This investment reflects our commitment to supporting creative home grown opportunities and businesses as key catalysts for economic development as well as our resolve to keep our clients well positioned in an evolving investment landscape.”

The deal, which consists of a mix of debt and convertible debt stock, reinforces the country’s ranking as a top destination for retail investments in Africa, driven by its population size, rapid urbanisation, growth and economic resilience.

It also offers the potential for future collaboration between both entities, as Purple Capital expands its bespoke retail offering across the nation.

In addition, the deal offers the following:
· The deal showcases the continued attractiveness of the nation’s retail sector, even in a fiscally tight economy.
· It also reflects the connectedness of economic sectors – as this impacts the real estate, retail, construction technology, logistics, finance and investment, facilities management, marketing communications, physical asset management and asset protection sectors.

Consequently, hundreds of jobs have been created during the construction of the mall over the last two to three years, and hundreds of more jobs will be directly and indirectly created when the malls opens its doors to the public later this year.

About Purple Capital Partners Limited
Purple Capital Partners Limited (“PURPLE”) is a specialist investment firm with business areas in Principal Investment, Private Equity and Real Estate; investing in opportunities that allow for stakeholders value creation.

Purple co-invests with its long term partners including family offices, HNIs and institutional clients using a thought through risk calculated approach in achieving positive alpha returns under an investor –manager aligned structure.

The firm has raised over $50 million to fund its various projects.

About AXA Mansard Investments Limited
AXA Mansard Investments Limited (AMIL) is duly registered by the Securities and Exchange Commission of Nigeria as Fund/Portfolio Managers.
It has built an enviable track record in investing across traditional (Equities, Money Market & Fixed Income) as well as alternative asset classes (Real estate and Private Equity).
AMIL is a wholly owned subsidiary of AXA Mansard Insurance Plc. a member of the AXA Group – a worldwide leader in insurance and asset management with 161,000 employees serving 103 million clients in 59 countries.
AXA Mansard Insurance is rated A+ by Agusto & Co. (2014) and B+ & bbb- by A.M. Best (2015) for Financial Strength and Issuer Credit Ratings respectively.

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