As a growing economy, emerging business opportunities and increasing direct investment in the economy especially from offshore investors fuels the demand for top quality office and retail accommodation. In all these, Nigeria’s commercial real estate sector is emerging as an attractive destination for capital.
The high cost and poor quality of most commercial real estate in the country, especially in Lagos, coupled with the increasing demand for best-in-class amenities and energy efficiency has spurred the need for developers to rethink their approach and also work closely with lenders and financial institutions to make the necessary investments to meet the changing needs of the market.
An expected, new addition to the office accommodation space in Lagos that will meet the demands of the discerning 21st century user, is the eagerly awaited, world class and eco-friendly office complex called The Heritage Place. FCMB Capital Markets, the investment banking subsidiary of FCMB Group Plc, is very proud to have acted as sole financial adviser and arranger of the $65 million structured debt finance for this project.
The project is sponsored by First Concept & Properties Limited, a Nigerian company that is led by Actis, a leading private equity real estate investor in sub-Saharan Africa.
Actis, with its positive power of capital ethos, led developers Primrose Development Company (PDC) and Laurus Development Partners, to deliver what will be the first green office building in Nigeria.
The Heritage Place, located in Ikoyi, Lagos, is just minutes away from the heart of the business districts of Lagos and Victoria Islands, and also from the most vibrant social venues in the city.
The building has been meticulously designed to provide up to 15,730 square meters of office accommodation, and over 13,000 square metres of parking space that will comfortably accommodate 350 cars.
It offers great efficiency and flexibility to match the internationally recognised Grade A standards for office accommodation; the iconic design, prestigious address and bar-raising specification set a new standard for Nigeria’s architectural landscape.
The Heritage Place is poised to become synonymous with modern, smart and environmentally-aware business.
The idea behind the Heritage Place was borne out of an identified significant gap in quality office space in Lagos. With its 14 floors of office space, ample car parking facility, raised floors and suspended ceilings, the development will help to bridge that gap and proffer a solution to this very real challenge.
Designed by award winning UK architect, Capita Symonds and ECAD, Nigeria, the Heritage Place has eight-floors of office space, each at least about 450 square metres and five-floors of on-site parking integrated into the building. It also has a reception area, meeting rooms, restaurant area, café/coffee shop, plaza, six passenger lifts, one goods lift etc.
As the first commercial building to achieve the Leadership in Energy & Environmental Design (LEED) certification in both design and construction in Nigeria, The Heritage Place applies cutting edge technology to fulfill not just today’s environmental expectations, but also that of the future.
The initial cost implication to being an environmentally sound building is high, but in the long term, the benefits more than outweigh these costs, thereby enabling The Heritage Place distinguish itself in the market.
LEED is a green building certification program, developed by the United States Green Building Council (USGBU) in 1998, to help building owners and operators be environmentally responsible and to use their building resources efficiently. It recognizes and awards best-in-class building strategies and practices.
This certification and all that it stands for aligns with FCMB’s sustainability principles. As an indigenous Nigerian bank competing locally and globally, FCMB recognizes that it has a broader responsibility to positively impact the society in which it does business.
This is fundamental to the way FCMB conducts business and is woven into the fabric of its sustainable mission, vision and corporate strategies. To this end, FCMB is committed to supporting any responsible effort that protects and conserves the environment. The Heritage Place does just that.
Also of note are the environmental friendly approaches adopted in the construction of the complex. These include water recycling and reuse. Rain water is harvested, water is reused in the irrigation of the gardens and there is a condensate recovery of water from the buildings cooling units. Accurate control systems were placed in the bathroom facilities to reduce water wastage all through the building.
The building is also very energy efficient which will have a positive impact on its tenants bottom-line. Deliberately positioned to maximise natural light and ventilation and at the same time minimise solar exposure and the energy requirements for heating, cooling and air quality systems, the building offers its tenants a 30-40 percentages reduction in energy use compared to that of other buildings in Lagos.
When completed, the development, with its best practice engineering and construction, innovative architecture and a green-by-design approach incorporating sustainability measures from the very beginning will make The Heritage Place a premier real estate development in Lagos, Nigeria.
FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, is an adviser of choice to Nigeria’s leading companies and public institutions., and has been involved in landmark transactions, in Nigeria, for over the past three decades, from its beginnings as City Securities Limited.
FCMB Capital Markets provides comprehensive advisory services, combining innovative advice and proven execution skills, to domestic and multinational clients. Its services include but are not limited to: financial advisory; debt and equity capital raising including initial public offerings; mergers and acquisitions, and project and structured finance.
Follow Us