ADDRESSEE:
The Managing Director
Stanbic IBTC Assets management Limited Wealth House
Plot 1678 Olakunle Bakare Close Off Sanusi Fafunwa Road Victoria Island
Lagos.
PROPERTY ADDRESS:
Properties belonging to UPDC Real Estate Investment Trust (UPDC REIT) at
• Property known as Abebe Court at No. 10-14 Bourdillon Road, Ikoyi, Lagos
• Property known as Victoria Mall Plaza I at No. 30 Bishop Aboyade Cole Street, Victoria Island, Lagos
• Property known as Victoria Mall Plaza II at No. 30 Bishop Aboyade Cole Street, Victoria Island, Lagos
• Property known as Pearl Hostel at Pan Atlantic University, Ibeju-Lekki, Lagos
• Property known as Kingsway Buildings at
- 51-52 Marina, Lagos Island, Lagos
- 107-113, Broad Street, Lagos Island, Lagos
- 115-117 Broad Street, Lagos Island, Lagos
• Property known as UAC Complex at Plot 272 Cadastral Zone A0 Central Business District, FCT, Abuja
DATE OF INSPECTION:
Between Friday the 10th and Wednesday the 15th days, of November 2023
DATE OF VALUATION:
November 15, 2023.
ASSET(S) VALUED:
Land and buildings
OPINION OF VALUE(S):
WE ARE OF THE OPINION that the Market Value of the above captioned properties as at Wednesday, the 15th day of November, 2023, is in the sum of N24,587,000,000.00 (Twenty-four billion, five hundred and eighty-seven million Naira) only.
WE ARE ALSO OF THE OPINION that the Forced Sale Value of the above captioned properties as at Wednesday, the 15th day of November, 2023, is in the sum of N17,210,900,000.00 (Seventeen billion, two hundred and ten million, nine hundred thousand Naira) only.
WE ARE FURTHER OF THE OPINION that the Insurance Value of the above captioned properties as at Wednesday, the 15th day of November, 2023, is in the sum of N19,076,312,700.00 (Nineteen billion, seventy-six million, three hundred and twelve thousand, seven hundred Naira)
The breakdown is as follows:
Authorised Signatory Seal
CA/EX. KJO/DNC/CM/VI/10182/2023
6/29/1445 4:03:45 PM
Page 1
S/N | DESCRIPTION | MARKET VALUE (N) | FORCED VALUESALE | INSURANCE VALUE (N) | ASSUMED MARKET VALUE (N) |
1 | Property known as Abebe Court at No. 10-14 Bourdillon Road, Ikoyi, Lagos | 5,180,000,000.00 | 3,626,000,000.00 | 2,433,000,000.00 | |
2 | Property known as Victoria Mall Plaza I at No. 30 Bishop Aboyade Cole Street, Victoria Island, Lagos | 6,460,000,000.00 | 4,522,000,000.00 | 5,170,993,000.00 | |
-The portion of land earmarked for the proposed project stack being part of the property addressed as Victoria Mall ! (VMP 1) measuring 995.348m2 | - | 647,000,000 | |||
3 | Property known as Victoria Mall Plaza II at No. 30 Bishop Aboyade Cole Street, Victoria Island, Lagos | 8,400,000,000.00 | 5,880,000,000.00 | 4,420,696,000.00 | |
4 | Property known as Pearl Hostel at Pan Atlantic University, Ibeju-Lekki, Lagos | 466,000,000.00 | 326,200,000.00 | 737,064,700.00 | |
5 | Property known as Kingsway Buildings at - 51-52 Marina, Lagos Island, Lagos - 107-113, Broad Street, Lagos Island, Lagos | 2,291,000,000.00 | - 1,603,700,000.00 - | 4,636,000,000.00 | |
-115-117 Broad Street, Lagos Island, Lagos | - | ||||
6 | Property known as UAC Complex at Plot 272 Cadastral Zone A0 Central Business District, FCT, Abuja | 1,790,000,000.00 | 1,253,000,000.00 | 1,678,559,000.00 | |
TOTAL | 24,587,000,000.00 | 17,210,900,000.00 | 19,076,312,700.00 | 647,000,000.00 |