i s s u e 8 - m ay 2015

NEWSLET TER

Ta b l e o f C o n t e n t s

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05

06

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08 Local Featured Properties of the Month

09

- Investors Celebrate Topping Out Of $100m Heritage Place

- Investment In Real Estate: The REIT Alternative

- TPG-backed DTZ buys Cushman & Wake�eld for $2bn

- Global property investors' focus on Europe intensi�es

- PWC: Nigerian Real Estate value to hit $13.65bn in 2016

- Apache and Investra swoop in Kingston

Appointments & Partnerships

04 Real Estate Events

I SSUE 8 - m ay 2015

International Featured Properties of the Month

Troloppe News

Appointments

Jonathan Millard, he is a Canadian national with 10 years' experience inEast and West Africa. Prior to joining Troloppe,he served in an advisory role on projects in sectors including telecoms, real estate, oil and gas, transportation infrastructure, and urban planning. Most recently, he spent 5 years with McCabe and Partners a boutique corporate finance and strategy consulting firm, founded in 2006 by former McKinsey & Company consultants that focuses exclusively on advising clients in sub-Saharan Africa. Jonathan holds a Bachelor of Public Affairs and Policy Management from Ottawa's prestigious Arthur Kroeger College and an MSc in African Studies from the University of Oxford where he completed his dissertation on investment in Real Estate in Lagos. Jonathan is our Chief Operating Officer.

Akinropo Abraham has an in-depth working experience of the Real Estate Market and has managed various projects with extensive transaction value. He provides expertise in the area of Valuation and Appraisal. He started his career as a Graduate Trainee at Bode Adedeji Partnership and later joined Broll Property Services (Part of the CBRE Network) in their Valuation and Advisory Services Department. He is a Registered Member of the Nigerian Institution of Estate Surveyors and Valuers, Estate Surveyors and Valuers Registration Board of Nigeria, and holds a Bachelor of Science Degree in Estate Management from Obafemi Awolowo University.Akinropo is Head of Valuations.

Mayowa Adediwin is a talented engineering architect with over 10 years' experience in planning, designing, detailing and coordinating with multi-disciplinary teams and execution of projects. He is familiar with local building bye-laws and other regulatory frame works dealing with built environment and expertise in client servicing. Mayowa began his career as assistant site supervision architect at Perfect Structure, since then he has served as a regional property and facilities coordinator for Stanbic IBTC, and the Assistant Facilities Manager. He has a Bachelor's of Science in Architecture from the University of Jos.Mayowa isHead of Facilities Management.

The Berkeley Group is the leading UK property development company, specialising in building homes and neighbourhoods with a focus on London and the South East. The Berkeley Group is made up of four autonomous companies: St George, St James, Berkeley and St Edward. They are publicly-owned and listed on the London Stock Exchange as a FTSE 250 company.

They were voted Britain's Most Admired Company across all industries in 2011 and Housebuilder of the Year from 2010 to 2012 and won the Queen Award for Enterprise, and have come top of the Next Generation benchmark for the last eight years, which ranks the UK's 25 biggest housebuilders on sustainability. Troloppe signed an agency agreement to act as agents to sell and promote properties across their portfolio.

Cushman & Wakefield was founded in New York, N.Y., on October 31, 1917, by brothers-in-law J. Clydesdale Cushman and Bernard Wakefield. Expanding first throughout the United States and then globally, today Cushman & Wakefield has approximately 250 offices in 60 countries, employing more than 16,000 professionals who deliver quality services to its diversified global client base. Troloppe Property Services signed a co-broker agreement with Cushman & Wakefield, a pioneering agreement within the local property services industry.

news ISSUE 8- MAY 2015

Cityscape global

Date: 21 – 23 September 2015Venue: Dubai World Trade Centre, UAE

Nigeria Facilities Management Roundtable 2015

Date: June 10, 2015Venue: Eko Hotels & Suites, Lagos

real estate events

ULI Europe Real Estate Trends Conference and Dinner:

Date: 18-19th, June 2015Venue: RBS, Bishopsgate, London

MAPIC – The International Retail Property Market

Date: November 19-20th, 2015Venue: Palais des Festivals, Cannes, France

Real Estate Unite – Africa's Property Market

Date: September 29-30th, 2015Venue: Eko Hotel, Victoria Island, Lagos

London Real Estate Forum

Date: 10 – 11 June 2015Venue: Berkeley Square, Mayfair, London

A MILESTONE has been reached on the way to the completion of the $100 million Heritage Place, a world-class office development in Lagos's commercial and residential district, with the investors symbolically marking the project's entry into its �nal stage of development in a topping-out ceremony.

Slated for completion in the last quarter of this year, the fast moving construction programme will enable tenants to start their �tting out in October 2015 and be open for business in December 2015.The topping- out ceremony, hosted by Actis, a private equity real estate investor and Primrose Development Company Limited, one of Nigeria's leading property development company was led by the Lagos State Commissioner of Physical Planning, Mr. Olutoyin Ayinde, through the placing the �nal piece of concrete on the superstructure.

The Heritage Place, located in Ikoyi, is just minutes away from the heart of the business districts of Lagos and Victoria Islands, and also from the most vibrant social venues in the city.The building has been meticulously designed to provide up to 15,600 square meters of Grade A office accommodation, and over 13,000 square metres of parking space.It also has a reception area, meeting rooms, restaurant area, café/coffee shop, plaza, six passenger lifts, and one goods lift. It offers great efficiency and �exibility to match the internationally recognised Grade A standards for office accommodation; the iconic design, prestigious address and bar-raising speci�cation set a new standard for Nigeria's architectural landscape.

Rising 14 �oors above the busy Alfred Rewane and situated at the junction with Lugard Avenue, the $100m ultra modern office building is now less than eight months away from completion.Touted as the �rst commercial building to achieve the Leadership in Energy and Environmental Design (LEED) certi�cation in both design and construction in Nigeria, the building is bene�tting from world class environmental and health and safety standards in both design and construction as well as bene�t from energy costs of at least 25 per cent lower than other existing office stock in the city.From the ground �oor double height reception, a bank of six elevators will serve all �oors of the building. The �ve lower �oors will accommodate 350 car parking spaces, with eight office �oors above; all �tted to international Grade A standards with raised �oors and suspended ceilings.Each office �oor provides about 2,000m2 of �exible �oor space, suited to both open plan and cellular formats. The ground �oor accommodation provides meeting rooms and a cafeteria, which are available to tenants.

Source: The Guardian

investment in real estate: the reit alternative

The Nigerian Chapter of the International Real Estate Federation (FIABCI), recently held their annual forum, themed “ Real Estate Financing in Nigeria: Modalities, opportunities and challenges”.In his presentation titled: “REIT as an alternative source of real estate �nancing in Nigeria,'' Mr Olumayowa Ogunwemimo the Managing Director of First Securities Discount House, observed that the growth of the real estate sector has mostly been affected by unavailability of funds to �nance real estate projects, noting that the complexity and capital intensive nature of real estate developments/transactions demands proper and adequate funding to make it realisable.

He also noted the major sources of real estate �nance in the country to emanate from equities from Real estate developers; private equity companies, insurance companies, governments, individuals, pension funds; primary mortgage institutions, commercial and merchant banks, and development �nance institutions. These, in most cases, have proved to be inadequate in supporting the �nancial requirements of the sector.

The REITs alternative

Ogunwemimo regretted that Nigeria has not fully tapped into the availability of other sources of �nancing projects in the sector, which would serve as a big complement to the traditional sources of �nance to the real estate industry. For instance, he explained that while Nigeria is yet to fully capitalise on the inherent bene�ts of Real Estate Investment Trusts (REITs), to signi�cantly �nance real estate developments, other countries have since keyed into the scheme. REITs are a form of collective investment scheme regulated by the Securities and Exchange Commission (SEC), which pools capital from investors and uses same in the acquisition of income generating real estate, mortgage loans, or a combination of both. The portfolio of underlying assets is placed under professional management to maximise returns to the investors, who are able to hold indirect interest in real estate on a �ow-through basis, placing them in a position as if the property were held as a direct investment

Source: The Nation

investors celebrate topping out of $100m heritage place

L o c a l N e w s

pwc: nigerian real estate value to hit $13.65b in 2016

I n t e r n a t i o n a l N e w s

Accounting and auditing giant PricewaterhouseCoopers (PwC) has predicted that the real estate sector's value will next year rise from $9.16billion to $13.65 billion next year.In its report, titled: Real Estate: Building the future of Africa, it said the sector is growing at a rate of 8.7 per cent, making it the sixth largest in the economy. The reasons for this is based on the volatility in crude oil price since July 2014, High Networth Individuals (HNWIs), according to the report, invest 25 per cent of their assets in real estate. This is seven per cent more than the 18 per cent or less investors in this category that invest in equities and other instruments.

PwC also noted that in commercial real estate, the in�ux of institutional, foreign and private businesses into the country and the growth of indigenous businesses and multinational oil companies in Lagos, Abuja and Port Harcourt have kept the segment vibrant. It observed that rents in Lagos are among the highest in the world with achievable rents of more than $1,020/m2 (about N200, 000/m2) yearly.

But as expensive as Lagos appears, the city does not rank among the top �ve on the continent. PwC, in a separate study, titled: “Into Africa”, a comparative research study of 20 African cities of opportunity deemed to be among the most dynamic and focused on the future, ranked Lagos as seventh. The overall ranking of cities by the report placed the top �ve cities as Cairo (Egypt), Tunis (Tunisia), Johannesburg (South Africa), Casablanca (Morocco) and Algiers (Algeria).

The PwC's study did not however fail to highlight the problems facing the real estate industry. These, it noted, to include problems with access to �nance, especially with a lack of long-term debt �nancing and underdeveloped mortgage market, as mortgage loans represent less than one per cent of the nation's gross domestic product (GDP). The cumbersome and time-consuming processes for land acquisition and ownership documentation; expensive land in urban areas; high cost of building materials and construction; reliance on expatriate workers resulting from a shortage of expertise in the local construction industry, and security considerations as a result of local unrest, need to be tackled for the sector to attain its full potential.

Source: The Nation

TPG-backed DTZ buys Cushman & Wakefield for $2bn

A $2 billion (£1.3 billion) mega-merger has changed the shape of the property broking industry as Italy's billionaire Agnelli family sold agents Cushman & Wake�eld to rival DTZ.The deal creates a third “super agent” alongside global giants CBRE and JLL, with 43,000 staff and 250 offices around the world.Cushman and DTZ have advised on a host of major investment and leasing deals in London, boasting a roster of big-name clients including RBS, Amazon, Tesco and West�eld.The combined entity will have revenues of more than $5 billion, still some way behind industry leader CBRE but breathing down the necks of second-placed JLL.

The swoop for Cushman comes a year after a consortium led by private-equity giants TPG bought DTZ from its Australian owner UGL.Exor, the Agnellis' investment vehicle, put Cushman up for sale at the beginning of 2015.The Agnellis, who founded Italian carmaker Fiat, bought an 80% stake in the agent in 2007 and have made a $722 million gain on their investment.These funds are likely to be recycled into Exor's $6.4 billion hostile bid for US reinsurer PartnerRe.Exor chief executive John Elkann said the deal creates a “combined group of formidable reach and capability. It gives us great satisfaction to see a business we have owned for many years become part of a new powerhouse,” he added.

Cushman has around 550 staff in London, where it has been building on its traditional strengths in retail by poaching a successive of big-name property agents, most recently JLL's James Beckham, to build a City investment and leasing team.DTZ, which has 1200 staff across the UK, also has a strong London office leasing business and is selling Tesco's Cheshunt headquarters.The DTZ name will disappear under the deal. DTZ traces its history back more than 230 years, although the current incarnation emerged in 1993.

Source: The London standard

global property investors' focus on europe intensifies

According to a new report by Cushman & Wake�eld, European real estate is set to stay �rmly in the spotlight for global investors with a resulting two-year window of high activity and attractive relative pricing driven by improved property investment supply, portfolio restructuring, rising prices and the impact of quantitative easing.

Their report, Capital Views - The Allure of Europe, says while activity has spread rapidly around all corners of Europe from the core, on to the South and now towards Central Europe, global money has lagged behind, staying close to the biggest hub markets. The UK, Germany and France took three quarters of all global money in Europe in the past year for example. According to Cushman & Wake�eld, this is now changing however, Southern Europe in particular coming on to the global radar. Spain for example is now the only country other than UK to draw capital from all global regions. This change is expected to accelerate in 2015 as global investors turn to more new markets across the region.

Jan Willem Bastijn, head of EMEA Capital Markets at Cushman & Wake�eld comments, "The overall choice open to investors is increasing as banks deleverage, portfolios are turned and development comes back to the agenda. This heightened availability in a stabilizing economy will continue to underpin activity for domestic and foreign buyers, with potential for the market to deliver a new peak for trading in excess of the previous record of €275bn."

In terms of opportunities the Cushman & Wake�eld report points to three clear tiers of potential where liquidity, an improving occupier and / or attractive pricing point to better than average gains. In the �rst tier, core markets of London, Paris and Germany continue to lead the way, followed in the second tier by a focus on the leading cities of smaller countries notably Madrid, Barcelona, Milan and Brussels. In the third tier meanwhile, the focus is shifting East and not just to the main hubs of Poland and the Czech Republic.

Source : The Punch

Apache and Investra Swoop in Kingston

A joint venture between Apache Capital Partners and Investra Development has acquired an upmarket student accommodation development in Kingston upon Thames.The 210-bed student accommodation scheme at Kingsgate House, a 10-minute walk from main Kingston University campus, has a total development value of around £40m. Completion is expected in time for the 2017/18 academic year.The deal follows Apache Capital's sale, with Mclaren, of the Paris Gardens student development on the South Bank, London, to LetterOne for £16m.

Apache Capital, which has a student portfolio valued at about £203m, has also bought Mclaren's existing share of its Paul Street development in London's Shoreditch for £108.6m.Kingsgate House is the third scheme for Investra since its inception in May 2014. The �rm's development director, Nick Hornby, said the deal ''�ts perfectly with our strategy of buying prime sites in under supplied centres''.

Source: Property Week

LA GRANDE CASAIkeja G.R.A., Lagos Prices from N 165,000,000 – N175,000,000

La Grande Casa is a collec�on of 4 units of 4 bedroom detached houses on a quiet street in IkejaG.R.A. The property also benefits from shared communal facili�es to create a secure facility.

Property Features

· Modern architectural design

· Fully detached houses

. Ample space

. Mini estate

BAY VIEW APARTMENTSIkoyi, LagosPrices: Sale from $700,000 Rent from $50,000 P.A.

The Bay view apartments are a stunning collec�on 3 Bedroom apartments, located in the exclusive Banana Island, Ikoyi. In this modern development, each apartment has generous propor�ons and high ceilings with plenty of light. The property also benefits from a stunning pool area overlooking a stunning lagoon.

Property Features

· Lagoon view loca�on

· Extensive Resident's facili�es

· 24 hour Electricity

· Stunning Pool lounge

· Gym

LOCAL FEATURED PROPERTIES MAY

VITA TOWERSVictoria Island, LagosPrices: Rent from $70,000 P.A. Sale from $700,000

Vita Towers is a modern residen�al twin towers development, located in the diploma�c quarters of Kofo Abayomi Street, Victoria Island Lagos, It consists of 44 units of 3&4 bedroom apartments and penthouses spread over 12 floors.

Property Features· Floor Area 285-770 sqm· Swimming Pool· Stunning views · Sky lounge and gym· 24 hours access and security· Passenger li�s· Service li�s

CESCA MANORIkoyi, LagosPrices from $75,000 P.A.

Cesca Manor is a stunning structure situated in Ikoyi, Lagos.The building comprises 2, 3 and 4 bedroom luxury apartments with state of the art features and facili�es to create an exclusive environment for residents.

Property Features

· High Ceilings

· Swimming Pool

· Gym

· Fi�ed Kitchen

· Parquet flooring

· Large windows

THE VILLA TERRACESShonibare Estate, LagosPrices from N5,500,000 P.A.

The Villa Terraces, consists of a fusion of three home types. The Amor, The Allegria and The Tranquilo, each with its own unique foot print. There are a total of 15 units of 3 bedroom apartments and duplexes located in one of the most exclusive private estates in Ikeja. The en�re development has a Mediterranean feel and lush gardens to crea�ng a fine tree lined community.

Property Features

· Landscaped gardens

· Swimming Pool

· Gym

· 24/7 Security & Electricity

· Residents club house

NIPOST TOWERSVictoria Island, LagosPrices from $1,000/SQM/P.A. Nipost Towers provides the highest quality towerspace, comprising twin towers spread over 14floors, an impressive ground floor entrance hall andprovides efficient, mainly column free office floors benefi�ng from the highest of specifica�ons.

Property Features

· Total Floor Area 30,000 SQM

· Secure Underground Parking

· VRV Aircondi�oning

· 24 hours access and security

· Grade A office features

ONE TOWER BRIDGETower Bridge SE1 2AAPrices from £1,275,000 – £15,000,000

One Tower Bridge is situated on one of the last great riverside sites in London. Just moments from the City it offers offers an impressive selec�on of 1, 2 and 3 bedroom apartments and the ul�mate in 5-star luxury living experiences in the most exci�ng city in the world.

Property Features· 24 hour Harrods concierge· Iconic riverside loca�on· Most apartments with balconies or

terraces, some with river views· 20m swimming pool with white gold �les· Separate male and female sauna &

steam room

CHELSEA CREEKChelsea SW6 2FSPrices from £914,950 – £16,950,000

Chelsea Creek is London's newest and most pres�gious dockside development, by award winning developer St George. A stunning loca�on offering a peaceful environment within the vibrancy of London and featuring a stunning collec�on of studio, 1, 2 & 3 bedroom apartments and penthouses.

Property Features· Stylish dockside loca�on· Situated near Chelsea Harbour· The Spa and 24-hour concierge· Moments from the King's Road

SOVEREIGN COURTHammersmith W6 0LJPrices from £2,249,950 – £5,500,000

An exclusive collec�on of Elite 3 bedroom and Penthouse apartments are available. offering a range of carefully considered and stunning homes that set new standards in stylish and contemporary London living.Sovereign Court has been conceived on a grand scale. At the heart of W6, it is a significant residen�al development in one of London's most dynamic areas.

Property Features· 150m from 2 Underground sta�ons· 4 Underground Lines· 24 hour Concierge & Fitness Suite· Landscaped Gardens by Randle

Siddeley& Associates

BATTERSEA REACHWandsworth SW18 1TXPrices from £695,000 – £2,950,000

Established as an exclusive waterside community, Ba�ersea Reach has more to offer than just its modern 2 & 3 bedroom apartments. Residents can enjoy convenient living in enviable surroundings with picturesque grounds.

Property Features · Award winning gardens· Riverside walkways· Superb array of ameni�es· Excellent transport links

FULHAM REACHFulham W6 9RUPrices from £819,950 – £3,699,950

The award winning development Fulham Reach, by St George is located on one of the most drama�c stretches of the River Thames and set in beau�fully landscaped gardens next to a sweeping riverside promenade. This is London riverside living at its finest.

Property Features · Riverside loca�on · Extensive Resident's facili�es · 24 hour concierge · Unrivalled transport links

ST. JOSEPH'S GATEMill Hill NW7 4JZPrices from £899,995 – £2,150,000

2 & 3 bedroom St Joseph's Gate represents an exclusive opportunity to live in a truly unique loca�on, offering a gated collec�on of highly dis�nc�ve 2, 3 and 4 bedroom new and refurbished apartments, set within the grounds of a magnificent Grade II listed building surrounded by beau�ful mature parkland. 50% now sold prior to comple�on

Property Features

· Excep�onal specifica�on

· Lovingly restored period features

· Comple�ons from Spring 2015

· Located just 10 miles from the Capital

INTERNATIONAL FEATURED PROPERTIES MAY

TroloppeProperty Services

AGENCY& BROKERAGEThe team, covers both landlords and tenants across the residential and commercial markets. With a large database of industry specific individuals and corporate twinned with a large database of inventory, we are able to very quickly understand the needs of our clients and find the perfect fit. We enjoy long standing relationships with many of our clients and landlords, and are always happy to meet with new clients to advise on how best to maximize their rental return or budget.

REAL ESTATE ADVISORYWe provide a broad range of consulting services, we understand that out client needs may vary and our experienced team are at hand to provide tailored solutions to their needs. Our professional services include corporate planning, feasibility studies, market studies, due diligence, property tax, litigation, asset review and framework for foreign direct investment.

FACILITIES MANAGEMENTOur FM offers a robust solution drawing on our strengths of operating global procedures and practices, service delivery via our

strong team of qualified professionals in Nigeria and our swift ability to draw on the experience of our international partners whenever the need arises. It is our vision to implement an integrated model covering all Phases of Facilities Management ultimately growing into a pan-African FM solution.

We design and manage Best- class FM Models enabling our clients to concentrate on their core business

MARKET RESEARCHOur market research team, regularly conduct surveys across a wide range of areas in both the commercial and residential markets. They regularly produce market reports that can be used for a wide range of purposes. This information also provides our team members with superior knowledge of market trends, price shifts, occupancy rates and other unique trends. The information provided allows us to provide information useful for forecasting growth and trends in the market.

PROJECT MANAGEMENTOur project management team, with vast experience across commercial and residential

developments provide the much needed support to achieve your dream property or office, allowing our clients to concentrate on their core business. We provide accurate information from financing, to design concept to budgeting and construction management.

PROPERTY DEVELOPMENTBacked by over 30 years of solid experience, our key focus remains on building exceptional properties. We take pride in creating inspirational developments that people can live, work and enjoy. Each of our developments exemplifies our commitment to industry best standards.

VALUATION & APPRAISALWe provide valuation and appraisal services to clients across a broad spectrum. Our valuation advice can provide information to assist with portfolio valuation, single asset valuation, and financial reporting valuation. These services are typically provided to individuals, insurance companies, financial institutions and corporates. Appraisal methods will vary based on the specific needs of the clients.

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TroloppeProperty Services

+234 (0) 7098821154+234 (0) 16320887-8

16th Floor, Elephant House, 214 Broad Street, Marina, Lagos

info@troloppe.comwww.troloppe.com