Topping out ceremony holds for cornerstone tower
November 23, 2017, Lagos, Nigeria – Cap Phoenix Cornerstone, a joint venture between African Capital Alliance and Cornerstone Insurance Plc, today held a topping out ceremony to celebrate the completion of the structure of Cornerstone Tower, a 12-floor office project situated adjacent to the Four Points by Sheraton Hotel on Chief Yesufu Abiodun Road, Oniru Road, Oniru, an upscale, vibrant mixed-use district. Cornerstone Tower has now reached its full height and is scheduled to open the second quarter of next year.
Once completed, this Grade A, ultra-modern office building will boast eight floors of flexible office space and meeting rooms, four floors of multi-level parking, a prestigious reception area and a ground floor café. The EDGE Certified Green Building will also be one of Nigeria’s most advanced developments, employing high technical specifications for installed building services, security and state of the art finishes.
Office spaces are designed with high efficiency and flexibility, and are built with raised floors and suspended ceilings with impressive natural lighting and ventilated spaces, allowing for modular spaces ranging from 200 square meters up to 1,400 square meters on each floor. The building’s central location in Victoria Island will provide convenient private and public transport access with direct links into Lekki, Ikoyi and the Lagos Mainland.
The project is being executed by a distinguished team of consultants: CPMS Limited (Project Managers), Delano Architects (Architects), Arup (Civil & Structural Engineers), UNECON Associates Limited (Mechanical & Electrical Engineers), BQC Consultants Limited (Quantity Surveyors) and Mar and Mor, (Mechanical, Electrical and Plumbing Services contractors).
The main building contractor, BCL Limited, brings 25 years of experience in the Lagos construction arena and utilizes leading edge methodologies to ensure that budget, quality and delivery programs are met.
About African Capital Alliance
African Capital Alliance (ACA) is a leading, independent investment firm focused on Nigeria and the broader West African region. ACA has, to date, raised more than $1 billion in capital commitments across several funds. Since its inception in 1997, ACA has grown into one of the most experienced private equity and real estate investment firms in the region, with more than 40 private equity investments across a number of high growth target sectors including oil and gas, power, telecommunications/media/technology (TMT), financial services, fast-moving consumer goods (FMCG) and business services.
ACA also has significant experience in the real estate sector and invests in residential, retail, office and hospitality products across the region. Some of its notable investments include Mansard Place, a Grade A office complex located in the Victoria Island Central Business District, Protea Hotel by Marriott (Ikeja, Benin City and Owerri City), Festival Mall and Onitsha Mall.
ACA principal speaks at the 2017 Real Estate Unite Summit
October 23, 2017, Lagos, Nigeria – ACA Principal, Obi Nwogugu, today participated in a panel session themed “Mixed-Use: Live, Work, Play,” during the 6th edition of the Real Estate Unite 2017 Summit.
The session addressed the changing needs of the global real estate market and the increasing level of adaptation of developers to mixed-use developments.
In his remarks, Obi highlighted the potential role mixed-use schemes could play in the evolution of cities in Sub-Saharan Africa. According to him, such schemes could drive further scale and development of cities, thereby attracting a greater inflow of private capital and infrastructural development. He also mentioned the potential multiplier effect on tourism and improved quality of life of residents.
In his closing remarks, Obi stressed the importance of getting key fundamentals right in developing mixed-use projects. As an example, he highlighted ACA’s recent investment in Bluewater Lekki , a mixed-use development comprising of over 500 apartments with modern conveniences, 10,000 sqm retail/commercial use and recreational facilities designed for comfort and pleasure, in a secure water-front environment.
About Real Estate Unite
Real Estate Unite is an annual flagship event that provides an important platform for key players in Africa’s property industry to discuss opportunities and issues facing the global real estate market.
ACA principal speaks at the 2017 EMPEA/FT Conference
October 18, 2017, London, UK – Emmanuel Assiak, Principal, ACA, today served as a panelist at the 9th Annual Private Equity in Africa summit, organized by the Emerging Markets Private Equity Association (EMPEA) and the Financial Times, in London. The session themed “Optimal Strategies to Access Africa’s Private Capital Opportunity Set,” allowed panelists the opportunity to discuss various investment strategies in Africa and how they see the private equity industry evolving on the continent.
In his remarks, Emmanuel noted that as economic cycles shorten and become increasingly more volatile, the case for value creation is growing even more compelling. According to him, investment returns will continue to emerge more from operational efficiency improvements than from market multiple expansion.
He added that whilst the core of ACA’s investment strategy remains intact, the firm is expanding into its mandated market, West Africa, leveraging its on-the-ground presence, local market knowledge and strong network of partners to create value.
Protea Hotel by Marriott, Owerri select, opens
September 25, 2017, Owerri City, Imo State – African Capital Alliance today announced the opening of Protea Hotel by Marriott, Owerri Select in South-Eastern Nigeria. The 90-room hotel is the result of a partnership between African Capital Alliance and Kunoch Limited.
The hotel is located in Owerri city, the capital of Imo State, a state commonly referred to as the “Heartland” and regarded as the entertainment centre of Eastern Nigeria. It is also a producer of oil & natural gas, and home to a large number of oil and financial services offices.
Commenting on the opening of the hotel, Mr. Obi Nwogugu, Principal and Head of Real Estate at African Capital Alliance stated: “This new hotel is an important addition to the hotels we already own in the cities of Lagos and Benin in Nigeria, and Takoradi in Ghana. We are pleased to partner, yet again, with Protea Hotels by Marriott, which enjoys strong regional brand equity, now coupled with the global distribution of Marriott International.”
Mr. Volker Heiden, Vice President Protea Hotels by Marriott, Marriott International added: “The opening of Protea Hotel by Marriott, Owerri Select, illustrates our confidence in the potential of Nigeria and is in line with our commitment to grow in strategic secondary cities across the continent. The recent expansion of the city’s airport, will enhance its attractiveness as a destination, which we are confident will further drive business travel.”
ACA is currently investing out of its first real estate fund (CAPIC I), a $165 million private equity fund.
About Protea Hotels by Marriott
Protea Hotels by Marriott is the leading hospitality brand in Africa. It is one of the most widely recognized brands on the continent with over 90 hotels throughout South Africa and seven other African countries, including Zambia, Nigeria, Namibia, Ghana and Uganda amongst others.
About African Capital Alliance
African Capital Alliance (ACA) is a leading investment firm focused on Nigeria and the Sub-Saharan African region. Since its formation in 1997, ACA has attracted over $1 billion in aggregated capital commitments through four private equity funds and one real estate fund.
ACA has made more than 40 investments across a number of high-growth sectors, including oil and gas, power, TMT, financial services, FMCG and business services. It also has a history of successfully exiting investments and delivering strong returns to its investors.
ACA is currently investing out of its first real estate fund (CAPIC I), a $165 million private equity fund.
ACA principal speaks at the 2017 IFC/EMPEA Conference
May 16, 2017, Washington, DC – ACA Principal, Ladell Robbins, participated in a breakout panel session on Sub-Saharan Africa during IFC’s 19th Annual Global Private Equity Conference in association with EMPEA.
In his remarks, Ladell noted that Africa needs more money in the right places as well as younger managers with new ideas about how to implement different strategies, such as middle market investing or co-investment, to take advantage of Africa’s opportunity.
The Annual Global Private Equity Conference attracts more than 850 delegates from 60+ countries and features in-depth keynotes and panel discussions on the future of emerging markets investing with on-the-ground perspectives from macro and regional experts and the most active investors.