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 2nd and Monday the 5th days, of December 2022 | ||
DATE OF VALUATION: | December 5, 2022. | ||
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 Monday, the 5th day of December, 2022, is in the sum of N22,090,000,000.00 (Twenty-twobillion, ninety million Naira) only.
WE ARE ALSO OF THE OPINION that the Forced Sale Value of the above captioned properties as at Monday, the 5th day of December, 2022, is in the sum of N15,463,600,000.00 (Fifteen billion, Four hundred and sixty-threemillion Naira) only.
WE ARE FURTHER OF THE OPINION that the Insurance Value of the above captioned properties as at Monday, the 5th day of December, 2022, is in the sum of
N15,678,500,000.00 (Fifteen billion, six hundred and seventy-eight million, five hundred thousand Naira)
The breakdown is as follows:
S/N | DESCRIPTION | MARKET VALUE (N) | FORCED | SALE | INSURANCE VALUE (N) | ASSUMED MARKET |
VALUE | VALUE (N) | |||||
1 | Property known as Abebe Court at No. 10-14 | 4,400,000,000.00 | 3,080,000,000.00 | 1,993,500,000.00 | ||
Bourdillon Road, Ikoyi, Lagos | ||||||
2 | Property known as Victoria Mall Plaza I at No. | 5,000,000,000.00 | 3,500,000,000.00 | 3,994,000,000.00 | ||
30 Bishop Aboyade Cole Street, Victoria Island, | ||||||
Lagos | ||||||
- The portion of land earmarked for the | - | 547,000,000.00 | ||||
proposed project stack being part of the | ||||||
property addressed as Victoria Mall ! (VMP | ||||||
1) measuring 995.348m2 | ||||||
3 | Property known as Victoria Mall Plaza II at No. | 8,400,000,000.00 | 5,880,000,000.00 | 3,449,000,000.00 | ||
30 Bishop Aboyade Cole Street, Victoria Island, | ||||||
Lagos | ||||||
4 | Property known as Pearl Hostel at Pan Atlantic | 500,000,000.00 | 350,000,000.00 | 572,000,000.00 | ||
University, Ibeju-Lekki, Lagos | ||||||
5 | Property known as Kingsway Buildings at | - | ||||
- 51-52 Marina, Lagos Island, Lagos | 2,000,000,000.00 | 1,400,000,000.00 | 4,150,000,000.00 | |||
- 107-113, Broad Street, Lagos Island, Lagos | - | |||||
- 115-117 Broad Street, Lagos Island, Lagos | - | |||||
6 | Property known as UAC Complex at Plot 272 | 1,790,000,000.00 | 1,253,000,000.00 | 1,520,000,000.00 | ||
Cadastral Zone A0 Central Business District, FCT, | ||||||
Abuja | ||||||
TOTAL | 22,090,000,000.00 | 15,463,000,000.00 | 15,678,500,000.00 | 547,000,000.00 | ||
Authorised Signatory | Seal | |
CA/EX. SY/DNC/CM/VI/10182/2022 | 9/2/1444 2:32:08 PM | Page 1 |
CERTIFICATE OF VALUE
ON PROPERTIES VARIOUSLY
LOCATED WITHIN LAGOS AND ABUJA
BELONGING TO:
UPDC REAL ESTATE INVESTMENT TRUST (UPDC REIT)
FOR
THE MANAGING DIRECTOR
STANBIC IBTC ASSETS MANAGEMENT LIMITED
UBOSIELEH + COMPANY ESTATE SURVEYORS + VALUERS NUJ LIGHTHOUSE
3/5 ADEYEMO ALAKIJA STREET 1ST FLOOR
P. O. BOX 74263
VICTORIA ISLAND LAGOS
TEL: 08054797525 | DECEMBER 2022 |
CA/EX. SY/DNC/CM/VI/10182/2022 | 9/2/1444 2:32:08 PM | Page 2 |
December 12, 2022
The Managing Director
Stanbic IBTC Assets management Limited
Wealth House
Plot 1678 Olakunle Bakare Close
Off Sanusi Fafunwa Road
Victoria Island
Lagos.
Dear Sir,
VALUATION OF PROPERTIES BELONGING TO UPDC REAL ESTATE INVESTMENT TRUST (UPDC REIT) VARIOUSLY LOCATED WITHIN LAGOS AND ABUJA
Further to your recent instruction namely to determine the Market Value of the above-captioned properties, we have carried out our inspection and now have the pleasure in reporting to you as follows:
DATE OF INSPECTION:
Our inspections were undertaken between Friday the 2nd and Monday the 5th days of December 2022
INFORMATION:
Information given in this report have been obtained as follows:
- as regards the descriptive and locational details from visual inspection of the property;
- as regard the value from analysis of open market transactions on similar properties in the neighbourhood;
- as regards the title, from document made available to us by the addressee;
CA/EX. SY/DNC/CM/VI/10182/2022 | 9/2/1444 2:32:08 PM | Page 3 |
ASSUMPTIONS:
In valuing the property we have assumed:
- that the information with which we are supplied are correct;
- that the title to the property is good and marketable;
- that the property is not adversely affected by or subject to compulsory acquisition, road widening, new proposal or planning scheme;
- that the property is free from all onerous charges and restrictions.
VALUATION
BASIS:
The basis of valuation is the Market value, that is, the price, which an interest in a property might reasonably be expected to realize in a sale by Private Treaty assuming:
- a willing buyer;
- a reasonable period within which to negotiate the sale taking into account the nature of the property and the state of the market;
- values will remain static throughout the period;
- the property will be freely exposed to the market;
- no account is to be taken of an additional bid by a special purchaser;
- no account is to be taken of expenses of realization, which may arise in the event of a disposal.
CA/EX. SY/DNC/CM/VI/10182/2022 | 9/2/1444 2:32:08 PM | Page 4 |
CERTIFICATION:
In carrying out our valuation, we certify that:
- statement of facts with regards to this report are true and correct to the best of our knowledge;
- Limiting conditions have been disclosed;
- we have no interest(present or future) in the transaction or property;
- Compensation was not contingent upon us rendering our opinion of value;
- We have complied with all valuation standards as required;
- An inspection of the property was conducted;
- Assistance was not received in the execution of the valuation report.
CA/EX. SY/DNC/CM/VI/10182/2022 | 9/2/1444 2:32:08 PM | Page 5 |
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