BusinessDay

Merger of Purple’s subsidiaries aimed to speed-up growth plan, says Group

The merger of Purple Group’s two subsidiaries is aimed to accelerate the group’s growth plan by enabling it to deliver integrated ownership, investment, development, management, sales, leasing and acquisition of superior multi-use facilities, the group has said.

The two subsidiaries whose merger has been completed successfully, according to the group, are Purple Real Estate Income Limited (PREIL) and Purple Real Estate Development Company Limited (PREDCO), the real estate development arm of the Purple Group.

PREIL and PREDCO share the same mission of democratising access to real estate investment and ownership in Nigeria by breaking down the barriers that prevent investors from owning real estate assets.

Expectation is that, as a combined company, the new entity will, among other things, facilitate the group’s residential, commercial, hospitality infrastructure and prop-tech developments.

“This merger establishes the foundation for the next phase of our group’s growth plan to accelerate the pace and scale at which we provide targeted, premium and affordable lifestyle offerings in strategic locations across Nigeria; it will also enable us to deliver technology-enabled services and value-addition to clients and partners,” Purple’s Co-founder and CEO, Laide Agboola, noted.

Agboola added that the new entity would enhance Purple’s ability to scale the business and access appropriate financing to fund a strong pipeline of new projects, expand current services and better deliver against the growing demand for experience-driven solutions that meet the evolving needs of how communities now live and work.

“This merger creates the platform for the next phase of our growth, consolidating the assets in our real estate division and delivering operational efficiencies across our internal value chain, while positioning us to access and deliver new, large scale business opportunities.

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“We know that there is significant demand for modern, integrated real estate developments in Nigeria that meet the increasing demand for projects that support modern lifestyles, integrating residential, commercial, entertainment and technology solutions.

“Purple is more than just a real estate company, it is a real estate revolution delivering the needs of a new generation demanding much more from property developers,” he said.

Purple is Nigeria’s breakthrough real estate and financial services platform at the forefront of a real estate revolution. The company has investments in the development, management, and acquisition of superior multi-purpose properties and infrastructure across a wide range of sectors.

Its mission is to democratise access to real estate ownership and investment by breaking down the barriers that prevent investors from the gains of appreciating assets.

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