Victoria Mall Plaza
It's a Mixed Used Development in Victoria Island and it being built in collaboration with the World Bank.UPDC secures $40b for Lagos Victoria Mall Plaza, others
FRONTLINE real estate firm, UACN Property Development Company (UPDC), has secured a $40 billion facility for the construction of its schemes.
Top on the list is the grand Victoria Mall Plaza in Lagos, which will have 36 apartments, a 15-storey office tower, a multi-storey car park with about 400 spaces, a shopping centre, and a 160-room hotel.
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, says it has committed the $40 billion loan facility to UPDC to enable it meet Nigeria's increasing demand for business infrastructure, such as hotels, office and commercial spaces, employment and overall economic growth.
"Nigeria's main cities are seeing improved commercial and residential facilities due to recent construction and renovation," said Stephen Mayaki, UPDC's managing director.
"IFC is helping UPDC to contribute to improved business infrastructure by complementing new growth with facilities that cater to consumers who look for both value and convenience," he added.
In 2003, IFC helped UPDC finance the privatisation and renovation of the 471-room FESTAC Novotel Hotel Complex in Lagos that is due to open later in the year. IFC advised UPDC on architectural designs for the hotel to ensure that it would meet international fire safety and environmental standards.
"A core part of our strategy is to help build sectors in addition to oil in Nigeria," Declan Duff, IFC Vice President for Industries was quoted as saying in the statement.
"Our investment is part of IFC's continuing efforts to enable private participation in key infrastructure areas in Nigeria," he added.