Investors begin $182m ‘Wings’ twin tower project in VI

Two private investors, Messrs Rand Merchant Bank (RMB) and Standard Bank are raising the bar in commercial and retail property development, with the launch of an $182-million office complex project in Lagos.

Christened, Wings, the  project is located along the waterfront of the upscale Ozumba Mbadiwe, Victoria Island, in Lagos.

Designed by the firm of Stauch Vorter Architects, the A-grade high-rise office towers on Victoria Island,  will berth between Lagos Island and the Lekki Peninsula, may be completed and delivered on or before March 2016.

RMB Westport, Nigeria, Oando Plc, Vante Property Asset management Services, Standard Bank, midwifed the ambitious project, which sod turning was done last week in Lagos.  To ensure the project is successful, both RMB and Stanbic IBTC have committed $100m development and long-term debt funding for the complex.

At the sod turning ceremony, Chief Executive Officer, RMB Nigeria, Michael Larbie, said that the development represented RMB’s commitment to use its expertise and resources to support landmark projects in Nigeria. “With the launch of RMB Nigeria, earlier this year, we expect to structure and fund more projects in real estate and, indeed, across other sectors of the Nigerian economy.”

 He added: “We are equity investor, we are going to own a third of the development and Oando is going to be one of the anchor tenants in one of the wings and the tenanting of the project would be done by RMB Westport.”  

The development, according to Larbie, had been designed to ease traffic. “To ease traffic, the development was designed to have basement parking spaces, inline with international standards.  Due to its location, though an advantage, that is the ocean view, this project, which is the first grade A in Nigeria, will be properly reinforced.”

He said that RMB, together with Standard Bank, has committed $100-million debt into the development and long-term debt funding for the 25 500 m2 office development. 

Each office tower would offer space of more than 12 000 m2, with one of the two being let to Oando, the largest indigenous oil company in Nigeria. 

When confronted with the challenges with the construction industry, Larbie responded saying his company was no new entrant into the sector.  

“RMB Westport is no newcomer to Africa. Some of RMB Westport’s biggest projects include: Icon House and Accra Financial Centre (A-grade buildings in Ghana); the largest shopping mall in Nigeria, Ikeja City Mall and Osapa Retail Phase I among others.”

He added that Wings Oando would be developed and project managed by the RMB Westport Real Estate Development Fund.

Rand Merchant Bank, a division of FirstRand Bank Ltd, is a leading investment bank in South Africa and boasts an exceptional track record of activity in other African countries, with strong market positions in its four primary businesses – financial markets, investment banking, advisory and principal investments.

RMB Westport opened its doors in 2008 when Rand Merchant Bank (RMB)‚ through its Real Estate Investment Banking division entered into a joint venture with the Westport Property Group to combine west African property development skills‚ capital and investing expertise to enable the construction and development of high-grade retail‚ commercial and industrial property assets in key growth nodes of sub-Saharan Africa.

Chief Executive Officer, Stanbic IBTC Bank, Ms. Sola David-Borha, the take off of the project was with great delight, as the project, before getting this stage had encountered some challenges, which she said were now over, adding that the success of the complex depended largely on all the stakeholders.

When completed, David-Borha, said the project would definitely change the skyline of Lagos and would be a reference point to other commercial properties in the country.

Oando’s Chief Executive Officer, Adewale Tinubu, who was full of appreciation for all the partners, revealed that the land on which the complex is sitting, was acquired from Agip Oil, which he said had gone some court cases, but now resolved.