Afriland Targets Massive Expansion Plan With N10bn

NASD Afriland Investors Call
Image Credit: NASD Twitter

By Adedapo Adesanya

One of the leading property investment company, Afriland Properties Plc, is looking to expand its properties portfolio by tapping into the federal government’s infrastructural development plan ahead of 2020.

This was disclosed by Managing Director/Chief Executive Officer of the company, Ms Uzo Oshogwe, at the first NASD Investors’ Call Forum, where market stakeholders were assured a better 2020 financial year.

Speaking on the plans of the company, she said, “We are going to venture into infrastructure development because we know the government has already approved a lot of funding for it.”

Ms Oshogwe further added that with the firm’s N10 billion funding package, expansion through a joint-partnership, which she revealed was already in the works, would be pursued aggresively.

“We have a substantial loan-liability which intends to clear this year. So, we can go into joint partnership.

“With our portfolio worth N10 billion, we are a good candidate to expand our properties portfolio in 2020,” she informed investing community at the meeting on Wednesday, which was monitored by Business Post.

She added that the company will do this through its multi flats investments located at Ikoyi, Lagos State, which would be available for sale and lease next year.

She said following the first phase of its stylized AfriShops that kicked off in 2017, the second phase of the shops that will encourage retail will be implemented in 2020, adding that contractor selection had taken place this year.

Still on shops, with Afriland lock-up shops, Ms Oshogwe noted that the company was looking at a niche market in the area.

“We have some properties in some areas of Lagos, which we have earmarked to develop lock-up shops,” she said, adding that, “We have done the first one in the Egbeda area of Lagos.”

She stated that despite the small size of the investment, it had a steady income flow for the company as a result of the long-term leases on it ranging between 25 years and 40 years.

In the same breath, she praised Afriland’s new facility management which enabled the company mitigate some of the risks attached to maintenance of the properties.

The company, which trades its shares on the NASD Over-the-Counter (OTC) Securities Exchange, had its share price traded on Thursday at N2.20k.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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