South-African real estate firm eyes Nigerian market

Pivotal Property Fund Africa, in an official statement, told real estate reporters that they will commence construction of an office block development in Lagos, Nigeria.

The project is in partnership with OandO Plc and RMB Westport. Pivotal has a 37.1% stake in the deal.

Speaking to journalist on the partnership deal, the CEO of Pivotal, Jackie van Niekerk said: “As we are getting into prime real estate on Victoria Island. It ticks all the boxes for Pivotal”

She also added that 'The fund will be exposed to retail, office and also a big opportunity for a distribution centre. It is still early days to say where our niche is. We will not be all over East and West Africa.'

Speaking on the choice of Nigeria as their investment destination, Van-Niekerk said 'We want to invest 15% of our gross asset value into Africa that is a board mandate. The 15% will be reviewed on an annual basis.'