It was an exciting moment, weekend, as an iconic office complex developed and promoted by Mansard Insurance Plc and African Capital Alliance (ACA) entered the commercial property market, bringing 7,000 square meters lettable space.
The N5 billion complex fondly called ‘Mansard Place’ is a five-storey double-tower building sitting on 11,000 square meters of land on the rapidly improving Bishop Aboyade Cole Street in the Victoria Island Central Business District (CBD), Lagos.
The building boasts of a simple yet functional, iconic design with keen focus on aesthetics and practicality of its high quality interior.
At the opening ceremony which was performed by Tokunbo Abiru, the Lagos State Commissioner for Finance, Mansard’s managing director, Tosin Runsewe, disclosed that the project which was conceived about three years ago by his company was a response to the yearning for quality office accommodation in prime locations in Lagos.
Runsewe told BusinessDay in an exclusive interview that they were delighted to introduce a ‘Grade-A’ commercial property into the Victoria Island CBD, pointing out that the building was meant to show the high quality standard that the people and government of Lagos State expected to see in this kind of environment.
“There are first class organizations that want to be housed in first class property like this one. The whole building has been taken up; the pricing has been good, though not cheap, and that shows you that people are willing to pay for high quality structures with high quality finishing, workmanship, materials and design that take care of environmental and safety standard”, he said, stressing that “when you have all these in place, you will surely find top organizations that are willing to pay the price”.
Mansard Place is built to an international Grade-A standard and comprises premium finishes and high quality services. It incorporates multiple elevator banks, ample parking bays, security systems and CCTV and 24-hour utilities.
The building’s iconic design and prime Victoria Island location, its proximity to Exxon Mobil Headquarters, the KPMG Building and the Lekki-Epe Expressway, position it favourably for both the current and future Lagos business expansion.
Earlier in his opening speech, Runsewe had described the complex as “Lagos commercial office development of choice, boasting of a simple, yet functional iconic design with focus on aesthetics and practicality of its high quality interior”.
Obi Nwogugu, a Principal at ACA’s Real Estate Fund, said “the development of Mansard Place has raised the bar in Grade-A office standards in this market; the layout of the building’s floor plate enabled us achieve great flexibility for users of various sizes. There has been a strong response from multinational tenants which has led us to achieve a high occupancy rate in the building”.
Analysts note that the partnership between Mansard and ACA is well founded given the financial strength and stability which each has in their respective areas of operation.
As a leading private equity firm investing in West Africa, principally in Nigeria and the Gulf of Guinea, ACA is well capitalised and with over USD750 million in funds raised to date, it is a dominant player in its markets and has a significant track record of successfully exiting investments.
Mansard, on the other hand, has evolved from being a subsidiary of GTBank Plc to a leading provider of life & general insurance services. It also provides investment products through its asset management subsidiary, Mansard Investments Limited. Mansard Insurance is the most capitalized insurance company quoted on the Nigerian Stock Exchange with a market capitalization in excess of N20 billion