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Firm lights up Abuja investment skyline with multi-billion naira Novare Central

By Kingsley Adegboye

Apparently elated by the giant strides displayed by Novare Real Estate  Africa, towards development of commercial property in Abuja, the Minister of Federal Capital Territory, Malam Muhammad Musa Bello has urged would-be investors to take advantage of Abuja’s huge enabling business environment.

Novare Real Estate Africa is a real estate firm with focus on development of commercial property such as malls.

The Minister who made the remark at the exclusive ribbon-cutting ceremony of the multi-billion naira Novare Central, the latest commercial real estate infrastructure development undertaken by Novare Real Estate Africa in Abuja, said  the contribution of the firm has led to appreciation of property in the capital territory.

While congratulating the management and staff of Novare Group for yet another addition to Novare series, the minister noted that the group’s projects have contributed immensely to infrastructure development and sustainable job creation as well as  trade facilitation to help meet consumer demand for a modern shopping experience.

He pledged the commitment of the FCT administration to ensuring  ease of doing business in the territory through favourable tax regime, access to land and policy support, thanking Novare Group for its efforts to light up the investment skies of Abuja and show the world  that Abuja is open for business.

According to him, the opening of this world class facility on the prime location here in the heart of Abuja municipality, is a showpiece of the role of the private sector in the development of all great cites.

“Today, Novare Mall has become a household name in Abuja’s entertainment, shopping and social life and the location  of your malls in strategic corners of the city bear eloquent testimony of  Abuja’s enabling business environment. For us, you represent the evidence that Abuja is a free ground for investment and there can be no stronger reference business than the testament of a satisfied customer,” he added.

The Minister, who was represented by the Permanent Secretary, Ministry of the FCT, Mr. Chinyeaka Ohaa,  said the success of Novare Central was a testament of the enabling environment created by the administration of the Federal Capital Territory to encourage Foreign Direct Investment in Abuja and Nigeria.

Chairman of Novare Real Estate Africa, Professor Fabian  Ajogwu, expressed the appreciation of the Board and Management of the company to the Minister for the enabling environment created to encourage and accommodate Foreign Direct Investment in Abuja.

Ajogwu, who  led guests including the Chief Judge of the FCT, Justice Ishaq  Bello, on a tour of the retail floor of the facility, explained that Novare Central being the third commercial real estate development of the company in Abuja was developed at a cost of US$54 million in Foreign Direct Investment, financed by a hybrid approach, a mixture of equity and debt.

The chairman stated that the retail portion of the centre consists of 33 high end stores which house major brands including Africa’s largest food retailer, Shoprite, the anchor tenant. Other stores at the centre include PEP, Office Everything, Active Leisure, Timekeepers and Kilimanjaro with a growing number of established retail brands and big corporates still expressing interest to take up space at the centre.

He also expressed  gratitude to members of the Board and Management of Novare Real Estate Africa, including Alhaji Munir Ja’Afaru, Yerriman Zazzau, Engr. Peter Bankole, Mr. Jan Van Zyl, Mr. Pierre Groenewald, Mr. Hein Du Plessis and the Group CEO, Mr. Derrick Roper. In his remarks, CEO, Stanbic IBTC Capital, financial partner of Novare Real Estate Africa, Mr. Funsho Akere, congratulated the board and management of Novare Real Estate Africa on the success of the project while pledging the commitment and support of the bank towards encouraging Foreign Direct Investment in Nigeria.

The guests who were on a tour of the retail floor of the centre visited Shoprite and PEP amongst other shops.


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