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2017 EDITION

LAGOS Mega City 100 Resilient Cities Top African Destination for Fortune 500 Firms

2017 Outlook

Economic & Real Estate

Premium Listings

Residential, Commercial & Urban

iWOW

Global Possibilities Summit

ReďŹ ned Investor Series Diaspora Edition

TA K I N G N I G E R I A TO

Report: FC Market Review & Projection

TAKING NIGERIA TO THE WORLD! Spotlight on Nigeria’s Mega City, Lagos. The megacity Lagos, will clock 50 in May having earned its place as, arguably, the most important state in the country and the 4th largest economy in Africa- a home for all and a land of opportunities where dreams are made and fulfilled. Being the technology, investment and economic hub of Nigeria, Lagos has taken the mantra, “Centre of Excellence”, to a reasonable level. According to a KPMG report, African’s cities are fast emerging as centres of entrepreneurship, innovation, creativity and invention and Lagos is leading in these areas. Lagos also recently attained the status of one of the 100 most Resilient Cities in the world. This means Lagos is more resilient to the physical, social, and economic challenges that are a growing part of the 21st century. Lagos endures and survives in spite of the challenges that come with urbanization and migration. Governor Ambode, the Lagos State governor, had mentioned at the 14th Prof. Pat Utomi led Annual Lecture and Symposium organised by the Centre for Value in Leadership, that 85 new people migrate to Lagos every hour. As one of the fastest growing cities in Africa and one of the leading destinations for Fortune 500 companies, with over 14 of them already in Lagos, there is no doubt that urbanisation is a key driver for economic development and prosperity. THE CHALLENGE OF GROWTH: MEGA CITY VERSUS MEGA SLUM? There are however challenges and opportunities in the rapid growth. These challenges range from inclusive growth - Urban cities have a responsibility to focus on realising the potential of these cities as inclusive and resilient centres of economic growth and job creation with a critical but often ignored question: “Who are we building the cities for? Secondly, the infrastructure deficit is also an obvious area that presents an opportunity for forward thinking governments to partner with the private sector to deliver world class infrastructure ranging from transportation, power, sanitation/waste management to softer infrastructure including health/medical, educational

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L-R Mrs. Udo Okonjo, CEO & Vice Chair Fine & Country WA; Marlene Kiniffo - Zounon, Sales Director Lafarge; His Excellency Mr. Akinwunmi Ambode, the Executive Governor of Lagos State; Dr. Ifeoma and Prof Pat Utomi, of the Centre for Value and Leadership.

and recreational facilities. Population growth typically outpaces the infrastructure growth which often needs to be addressed against the backdrop of limited or dwindling revenues. Thirdly, informal settlements and unregulated urban growth especially in young cities as is clear evidence all around Lagos, constitute a threat for both the settlers and residents. As highlighted above, these present clear opportunities but also a major challenge to the key stakeholders to be proactive in tackling the current needs while being visionary about building the future. THE FUTURE MEGA CITY Lagos recently flagged-off the Ambode-led Massive Infrastructural Plan, as it seeks to adopt models of public-private partnerships to fill infrastructural gaps. The Lagos City Initiative also signed an MOU with the Dubai Smart City to create the world’s first carbon neutral city- The Lagos Smart City. Other significant projects in the state are the 4thMainland bridge project, Light-up Lagos, the Lekki deep seaport, Lekki axis airport, the Dangote Refinery and Lagos fast rising software developers’ hub. The mass housing scheme, the massive reform in waste and sanitation management system and structured transportation system befitting of a megacity; which explains the drastic establishment of massive lay-bys, rehabilitation of inner-city roads and the construction of flyovers in different parts of the state, are strong indices showing the reinvention taking place in Lagos State. Lagos is a prime example of a proactive and fast developing megacity. Despite the challenges peculiar to a developing megacity like Lagos, a vast pool of opportunities, however, exist as very low hanging fruit, for the discerning.

TAKING LAGOS TO THE WORLD OF DIASPORA NIGERIANS Fine and Country West Africa is taking the lead in attracting Nigerians in the diaspora (with an estimated $21-35billion in remittance level at 2016) to invest in real estate in Lagos. Lagos receives the highest percentage of the remittance made into the Nigerian economy. In light of this, the forthcoming Refined Investors Series UK, themed ‘’Taking Lagos to the World’’, holding on the 15th and 16th of June, 2017, in London, is billed to provide a platform for showcasing Lagos Real Estate opportunities to foreign investors in general and Nigerians in the diaspora in particular. Stakeholders from all key segments of the value chain will be available, to inform and present, through conferences and exhibition, various offerings to Nigerians in the diaspora. As Lagos hits the big 50, we hope that the continuing transformational leadership of the state will strengthen its system to help create more transparent building approval processes, and marketable titles to inspire confidence in investors. This is the bedrock of creating sustainable wealth, and the winning strategy to tap the true potential of Lagos and other emerging Nigerian cities. The future of Nigerian cities may well appear bright if we follow through with sustainable governance, solid institutions and a culture of transformational leadership. Udo Okonjo, LL.M (Lond) CEO/Vice Chair Fine and Country W.A. A member of the Oxford Real Estate Society

D I A S P O R A E D I T I O N

TA K I N G N I GLONDON ERIA TO | June 15 - 16, 2017 LO N D O N | J U N E 1 5 - 1 6 , 2 0 1 7 FOR SPONSORSHIP / EXHIBITION: 08096000042, victor.nkwocha@ﬁneandcountryng.com

LEED and building ratings. Buildings are increasingly going green. They are being designed to meet specific and measurable international standards that give credence to the fact that the materials used for construction are safe and suitable for human health and the environment. These specific and measurable standards have formed the basis for buildings ratings and certifications. Some of the international ratings are based on fire-resistance capacity, energy rating, building condition rating and green rating. This has brought to the fore the LEED The LEED has been made most widely used third-party verification for green buildings, with around 1.85 million square feet being certified daily. LEED works for all buildingsâ€”from homes to corporate headquartersâ€”at all phases of development. Projects pursuing LEED certification earn points across several areas that address sustainability issues. Based on the number of points achieved, a project

then receives one of four LEED rating levels: Certi fied, Silver, Gold and Platinum across specification such as a performance-based approach to indoor environmental quality to ensure improved occupant comfort; the provision for a clearer picture of water efficiency by evaluating total building water use and bringing the benefits of smart grid thinking to the forefront with a credit that rewards projects for participating in demand response programs. Research has shown that LEED certified buildings are the trend. The global green building market grew in 2013 to $260 billion, including an estimated 20 percent of all new U.S. commercial real estate construction. This trend is expected to intensify in the coming years, both in the US and internationally. Its competitive differentiator is that LEED-certified buildings have lower operating costs and better indoor environmental quality which makes them more attractive to a growing group of corporate, public

and individual buyers. Todayâ€™s tenants understand and are looking for the benefits that LEED-certified spaces have to offer. The new Class A office space is green; lease-up rates for green buildings typically range from average to 20 percent above average with a much lower operating cost of between 19% to 25%. Owners of green buildings reported that their ROI improved by 19.2% on average for existing building green projects and 9.9% on average for new projects. Recent scholarly research into the effects of LEED certification on 562 financial institutions (93 LEED certified, 469 non-certified) found that there was increased productivity and work satisfaction because of its health improving benefits.ta

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The iconic Nestoil Tower is still leasing. This award winning LEED certified building offers the best offices for the best businesses with office spaces ranging from 312sqm - 810sqm and office suites with smaller sizes from 85sqm - 111sqm.

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Some of the special features at Nestoil Towers include: A Helipad Provision of raised flooring and dry wall partition systems in all office spaces. Provision of a covered roof terrace to host private functions. Provision of Automated Access Control facilities Ducted cold water chiller air conditioning system 24hr Security and electricity Generous car parking space The iconic Nestoil Tower is still leasing.

FINE AND COUNTRY ECONOMIC AND REAL ESTATE OUTLOOK 2017

Fine and Country West Africa held its yearly Real Estate Leaders Network breakfast Gold Session at the Radisson Blu Anchorage Hotel. The vision of RELN is to bring together thought leaders and investors in the real estate sector to discuss the economic outlook and provide a guide for real estate opportunities in the year. This guide has been compiled into a Real Estate Outlook Report available at Fine and Country. Leaders ranging from developers, financiers, investors, HNIs, regulators, researchers and marketers, gathered to discuss the roadmap for 2017 after reviewing the recently past year. On hand to drive these discussions was the keynote speaker, Professor Pat Utomi, and the host speaker, Mrs Udo Okonjo. This year’s theme was Economic and Real Estate Outlook 2017: Investing in challenging times. This theme was borne out of the need to champion discussions around identifying where the opportunities are in the perceived challenging times. It is needless to say that there are pockets of opportunities, the question to answer now is, where are the pockets of opportunities? Udo Okonjo, CEO Fine and Country WA, described the real estate sector as a mirror of the economy. The real estate sector directly reflects the economic status of the nation. In the same breath, Dr. Biodun Adedipe, a contributor in the discuss, held that crisis in the housing/ real estate sector has twice as much effect on the GDP as that of the financial sector. Hence, the real estate sector is arguably, an institutional determinant of any nation’s store of wealth. Mrs. Okonjo went further to say that, ‘Real estate as we know it is, however changing. The concept of location needs a re-look. Prime locations still remain prime locations but some emerging locations are beginning to require a relook at the definition of location. Location in terms of accessibility and connectivity is redefining the value of certain locations. Another important emerging trend which needs to be explored is the ‘’Millennia Housing’’ market which is a huge part of the middle income market. The millennial market basically needs affordable functional spaces- studio, I, 2 to 3 bedrooms. This market is important for real estate developers as they must begin to target first time home owners and not just repeat buyers. Properties need to be re-engineered and built for solution for this emerging markets’’. We went further to emphasise that even the premium real estate market has its peculiar pockets of opportunities. Prime locations still remain prime locations but properties on prime locations can be ‘’re-designed to fit the present day reality’’. One of which is the apartment style of living as against the villa style. Market intelligence is increasingly pointing towards good value and convenience, which does not necessarily imply low cost housing. Oakwood residences on Cooper Road typifies this model of market intelligencecontemporary apartments in the prime Ikoyi suburb which were offered at below N150m at launch and now 90% subscribed.

L-R Speakers at RELN; Engr. Femi Akintunde, MD Alpha Mead Facilities; Mr. Adeniyi Akinlusi, MD Trust Bond Mortgage Plc; Dr. Biodun Adedipe, Chief Consultant BAA Consult; Uzor Oshogvwe, MD Afriland Properties Plc; Prof Pat Utomi, keynote; Mrs. Udo Okonjo, Chief host and CEO Fine & Country WA and Mr. Niyi Adeleye of Stanbic IBTC.

Prof. Pat Utomi, the keynote speaker delivering his lecture at the event

L-R Akintola Oladejo, Mrs. Udo Okonjo, a friend of Fine & Country and Segun Babalogun

Chief Modupe Alakija

L-R Nonye Mike-Nnaji Fine & Country WA, Mr. Collins Chikeluba, CEO of GMO Group and Ifueko Oyegun of Fine & Country WA.

Uzor Oshogwe, MD Afriland Properties

L-R Mrs. Tukur and Mrs. Udo Okonjo.

THE FUTURE OF PREMIUM RESIDENTIAL . Newly Listed

AN ISLAND WITH HISTORY Exclusively Oﬀered By Fine & Country Private Plots of Land within an Upcoming Secure Gated Premium Lifestyle Estate. This is truly the Future Of Residential for Discerning Investors Looking to Grow their Capital and be part of a Historic New City located on the Island.

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Call For Joint Venture Fine & Country is seeking land owners with a minimum of 2 Acres within Ikoyi, Banana Island, Victoria Island and Lekki for Joint Venture Developments. Please Call: 08096000021. Only direct owner s are welcome .

Fine And Country 2017 Real Estate Market Review and Projections Report

Visit www.ﬁneandcountry.ng to Download the Report

1 COOPER MIRAMAR RESIDENCE FOR LEASE

2 Swimming Pool (Adult and Children) Fitness Centre Uninterrupted Electricity Supply with 900KVA standby generators, Water and Sewage Treatment Plants, 2 Bedroom Service Quarters, CCTV System,

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These homes on 10 ﬂoors, comprises of 3 Bedroom apartments and 3 Bedroom penthouses. They are perfect for a tranquil and safe family living and come with all en-suite bedrooms and great views of the Ikoyi metropolis.

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OAKWOOD RESIDENCE

Oakwood Residences is located on Cooper road in Ikoyi, Lagos and provides contemporary 3 Bedroom apartments and 5 bedroom penthouses with excellent build quality and ﬁnish. Currently under construction, these homes will come with facilities such as Study, Fitness Centre, Swimming Pool, Service Quarters, Spa and Standby Generator for uninterrupted power supply.

FOR ENQUIRIES: 08096000024

FOR SALE Properties: Location: Configuration: price: STATUS:

Queens Court Parkview, Ikoyi. 3/4/5 Bedroom / Terrace 95 - 190 Million Under construction

Properties: Cooper Road Location: Ikoyi Configuration: 4 Bedroom price: 220 Million STATUS: Under Construction