Real Estate Firm Signs Anchor Tenant Agreement With Genesis Cinema

Nigeria’s breakthrough Real Estate and financial service platform, Purple Real Estate Income Ltd (PREIL) has called for the need to democratise access to real estate ownership and investment with the signing of anchor tenant agreement with Genesis Cinemas, Market Square and The Ventures Park at the new development PurpleLekki to be the anchor tenants and partners at the Purple Lekki.

Certainly, the partnership will make both operators anchor tenants and partners at the PurpleLekki, a new development scheduled to open in late 2022.

This is even as the real estate development company also signed strategic partnership agreement with Ascott Limited, to deliver Nigeria’s first combined short and long stay serviced residence to bridge housing unit shortfall in the country to lead gateway for emerging markets.

The 38,000 square metre Purple Lekki will encompass a premium 157-unit mixed-use development that blends high-quality residential, retail, entertainment, hospitality and co-working spaces to tap into the increasing demand for all-inclusive living.

The new construction is backed by financing from the Bank of Industry and guarantees from Keystone Bank. It forms part of an ongoing programme to build strategic alliances with domestic and international development partners to construct and deliver premium assets in prime locations.

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In addition to this, a modern private offices, department stores and boutiques with dedicated tech and data centres will support business tenants and enable collaboration among tech-empowered communities that require state-of-the-art working infrastructure , hence, making Lekki an even more attractive place to live, work and thrive.

The development also includes Citadines, a new serviced apartment offering for occupiers, where a commitment to customer service ordinarily experienced within a high-end hotel setting will be brought to the comfort of occupiers living at home.

Speaking at the signing event to mark the occasion of the partnership, chief executive officer, PRIEL, Laide Agboola reaffirmed Purple’s mission and increased ambition to scale up investment and accelerate growth in Nigeria’s real estate sector while stating that “PurpleLekki would enable holistic living, encourage inclusion and social economic mobility and opportunity within it’s corridors of investment.

He asserted that purple is so much more than just a real estate company; we are shaping the market for real estate in the future and helping to define how a new generation wants the world to be. In Purple, you have a partner ready to realise a vision that creates space for us all. He affirmed

Also speaking, chief executive officer, Market Square, Ebele Enunwa, commented, said “Market Square has fast become a household name and the go-to grocery retail store for Nigerians in need of products they can trust at a valued price. However, the Market Square story could not have been written without our partnership with Purple.

He added that Signing this tenancy agreement to house our second outlet in Lagos signals the success of our first in PurpleMaryland and the next step of a progressive partnership that enables us to continue to meet Nigeria’s everyday needs.”

Chairman, The Ventures Parks, Kola Aina said, ‘We are a nation where entrepreneurship abounds, but talent cannot pursue its goals or achieve its objectives, compete nor win big without an environment that harnesses home-grown potential. As such, we are delighted to leverage the PurpleLekki property development as we upgrade and scale our offering across the country and beyond to support the success of a new wave of startups, technopreneurs, and innovators that bring about the world of tomorrow today.

On his part, chairman, Genesis Cinemas, Chief Nnaeto Orazulike commented, “I have stopped doubting in the capability of Purple, I am always amazed at their audacity, I trust in their determination. We at Genesis Group are committed to building world class multi use facilities in partnership with Purple.”