ATLANTIC HOUSE, NIGERIA

Most of the tenants have been in occupation for several years and include multinational organisations.

ATLANTIC HOUSE, NIGERIA

SACREIL owns an office tower in Lagos through Lousol Properties Limited (“LPL”), a company domiciled in Nigeria. Atlantic House was constructed 21 years ago as a four-storey office building. Additional two floors were added in 2005. The building offers A grade accommodation. The total GLA of the office block is 4,271m2 and is multi-tenanted.

FINANCIAL DETAIL

The summarised financial information relating to LPL is as follows:

• SACREIL effectively owns 100% of Lousol Properties Limited through wholly-owned subsidiaries, namely Lousol Properties Mauritius {“LPM”) and SACREIL Oddlot Holdings Limited (“SOHL”), companies domiciled in Mauritius.
• The property owned by LPL was independently valued at USD16.36 million as at 31 December 2021.

TENANCY OVERVIEW

As this is a relatively small building, it is accompanied with a relatively small number of tenants. Most of the tenants have been in occupation for several years and include multinational organisations. Due to the impact of Covid-19 on the economy of Nigeria and a negative short-term outlook, the Advisor adopted a policy of renting space at reasonable rentals.

ASSET OPTIMISATION

Over the years an oversupply of new commercial properties resulted in a large opening of various grades.

This and despite the competitive market and a lower B grade rating, the building as at the date achieved an occupancy level of 81%. The major tenants include Cisco and Eland Oil & Gas.

PROPERTY MANAGEMENT

The property management function is performed by Broll Nigeria. Key responsibilities include day-to-day property management, tenancy management and financial accounting.

_{As at 31 December 2021}