Purple shops for N10bn………
on the path to becoming the first approved REICO in Nigeria beginning with an Initial Public offer of 2 Billion Ordinary Shares at N5 per share.
Purple Real Estate Income PLC (PREIP), a tech enabled real estate business has announced its Initial Public Offer which opened on 21 November 2022and will close on 23 December 2022. On offer are 2 billion ordinary shares available to the public at N5 per share. The innovative real estate company expects to get a whopping N10billion form this offer. PREIP commenced operations in 2014 and is re- sponsible for the development of Purple Maryland (Previously Maryland Mall) amongst other real estate developments. The company is expanding its real estate footprint delivering similar investment grade assets including Purple Lekki, an all-inclusive mixed use centre building on the learnings from its flagship asset.
PREIP is The REICO Platform will allow the company consistently raise capital for development and acquisition of assets. “Purple operates an ecosystem of interconnected real estate based products offline and in the cloud. Post the IPO, The Company will take advantage of the REICO structure to expand its real estate stock, by investing in both yielding and development assets, in a ratio of 75%:25% respectively. This will allow Purple to offer its investors blended yields which are more attractive than the typical REIT ap- proach of taking over completed assets which have less capital ap- preciation potential. The platform will be further amplified with no more than 35% debt to Gross Asset Value to achieve a 10 year average Return on Equity of 18% per annum excluding capital appreciation of the equity share- holdings.”
Laide Agboola, Chief Executive Officer, Purple, said: “Today is a significant step for the evolution of Nigeria’s real estate sector. By opening up participation in the real estate market to a new wave of Nigerian investors, Purple is delivering on our mission to democratise access to real estate in Nigeria. Additionally, by delivering on an expanded pipeline of new projects in a range of asset classes, we are providing new investment opportunities focused on stabilised, income-generating properties that respond to the fundamental changes to how communities in Nigeria want to work, consume and live.
In line with Purple’s ambition to provide retail investors with technology-enabled access to real estate as an asset class, we have made available the initial public Offer online – http://purple.xyz/invest, while also making it available through our network of issuing houses and banks. We want every Nigerian to have the opportunity to participate as Nigeria’s real estate sector evolves.”
The Purple Plan
Purple Maryland: Flagship mixed use asset allowing users Shop Eat Play Drink and Work in one location
Nanos: Short & Long Stays located directly above Purple Lekki incorporating IFC Edge Certification
Urban: Premium Gated estate with over 120 units located right next to Purple Lekki
Macro ; Stunning 15 Floor Residential Skyscraper poised to be the tallest residen- tial building in the Lagos Mainland, right next to Purple Maryland
Mansard Place Purple has a deal to acquire a Broll maintained Grade A Office with USD based triple net leases.
Hotel Asset: Purple has an ongoing discussion to acquire a branded hotel with over 90% Occupancy and additional land for more units
Student Accommodation: Purple is looking to deploy safe inclusive, purpose built student communities. Our student accommodation platform incorporates IFC Edge building techniques
How to invest?
