{"id":6171,"date":"2017-09-11T04:30:20","date_gmt":"2017-09-11T04:30:20","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/promasidor-acquires-n2-5b-lagos-champion-house\/"},"modified":"2017-09-11T04:30:20","modified_gmt":"2017-09-11T04:30:20","slug":"promasidor-acquires-n2-5b-lagos-champion-house","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/promasidor-acquires-n2-5b-lagos-champion-house\/","title":{"rendered":"Promasidor acquires N2.5b Lagos \u2018Champion House\u2019\u00a0"},"content":{"rendered":"

\n<\/p>\n

\"\"<\/p>\n

The Champion House, Isolo, Lagos. PHOTO: FEMI KUTI<\/p>\n<\/div>\n

Negotiations have been concluded in Lagos for the acquisition of a N2.5 billion mixed-used development known as \u2018Champion House\u2019 situated along the Oshodi- Apapa Expressway.<\/p>\n

The deal struck between Promasidor Nigeria Limited, makers of Cowbell, Onga, Toptea and Loya Milk, and Champion Newspaper Limited, publishers of Champion is coming on the heels of efforts by the food company to expand its operations.<\/p>\n

Only recently,\u00a0Promasidor Nigeria Limited (PNL), concluded arrangements with IFC, a member of the World Bank Group, to inject a $25 million loan<\/a> (over N8billion) into its production with a view to increase efficiency and produce more products for the benefit of Nigerians.<\/p>\n

Although the details of the deal are still sketchy and shrouded in secrecy, The Guardian learnt that the deal consummated recently might be about N2.5 billion, which was the asking price for the derelict property.<\/p>\n

The once boisterous building in Isolo was recently described as \u201ceyesore\u201d by the Lagos State Building Control Agency (LASBCA) that later categorized\u00a0it as one of the structurally deficient and distressed buildings in the state.<\/p>\n

Sources disclosed that the acquisition of the building was\u00a0part of the South African beverage and food-products\u00a0firm\u2019s expansion\u00a0agenda as its radar has been on the building\u00a0for its vintage location. The property comprises four-storey structure and warehouses\u00a0had lingered\u00a0because of labour issues before the transaction was concluded earlier in the year.<\/p>\n

Confirming the acquisition of the property, the Head Legal and\u00a0Corporate Communications of the firm, Mr. Andrew Enahoro said it was part of the expansion\u00a0agenda of the\u00a0company.<\/p>\n

The Managing Director,\u00a0Olivier Thiry, has explained that the capital injection would be used to support purchases of new machinery that will enable PNL to increase efficiency, expand production and develop new products, leading to greater availability of nutritious food products in Nigeria at competitive prices.<\/p>\n

His words: \u201cThis is a very competitive market for food products. We expect that this investment will help us optimize production costs, enabling us to reach and nourish more consumers with our affordable range of quality products. We will also target our portfolio extension by gradual integration of more locally sourced raw materials from producers in Nigeria and widening our network of distributors\u201d<\/p>\n

According to him, the investment became necessary in view of the numerous business opportunities in the Nigerian market.<\/p>\n

He disclosed that Promasidor Nigeria is currently faced with production limitations, as it could not produce enough quantity of its nutritious products to service the demand for them from different parts of the country.<\/p>\n

Efforts to get the management of\u00a0Champion Newspaper to comment on the transaction proved abortive.<\/p>\n

Guardian <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Champion House, Isolo, Lagos. PHOTO: FEMI KUTI Negotiations have been concluded in Lagos for the … Promasidor acquires N2.5b Lagos \u2018Champion House\u2019\u00a0<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6172,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[519,4751,15239,1399,617,489,684,3058,522,41,15296],"class_list":["post-6171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-africa","tag-amazing","tag-chase","tag-development","tag-house","tag-houses","tag-lagos","tag-location","tag-nigeria","tag-property","tag-target"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/Champion.jpg?fit=1280%2C684&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6556,"url":"https:\/\/amazingproperty.com.ng\/blog\/fashola-urged-to-pursue-housing-reforms\/","url_meta":{"origin":6171,"position":0},"title":"Fashola urged to pursue housing reforms","author":"Amazing Property","date":"October 9, 2017","format":false,"excerpt":"Minister of Works, Power and Housing Babatunde Fashola Disturbed that past efforts to provide solutions have failed, a Lagos-based firm, RevolutionPlus Property Development Company has urged the Minister of Works, Power and Housing, Babatunde Fashola to facilitate the amendment of the Land Use Act and create enabling environment for private\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Minister Of Works Power And Housing Babatunde Fashola.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Minister-of-Works-Power-and-Housing-Babatunde-Fashola.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Minister-of-Works-Power-and-Housing-Babatunde-Fashola.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Minister-of-Works-Power-and-Housing-Babatunde-Fashola.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Minister-of-Works-Power-and-Housing-Babatunde-Fashola.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Minister-of-Works-Power-and-Housing-Babatunde-Fashola.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":3752,"url":"https:\/\/amazingproperty.com.ng\/blog\/surveyors-to-adopt-professional-indemnity-insurance-policy\/","url_meta":{"origin":6171,"position":1},"title":"Surveyors to adopt professional indemnity insurance policy","author":"Amazing Property","date":"April 24, 2017","format":false,"excerpt":"The ESVARBON chairman, Mr. Olayinka Sonaike who revealed the development at the RICS Business Luncheon in Lagos, said the regulatory bodies in Nigeria need to sit up to meet the global best practices. Fresh policy changes may be in the offing in few months time that would pave way for\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Real estate news","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":5677,"url":"https:\/\/amazingproperty.com.ng\/blog\/strive-to-leave-a-legacy-ogun-deputy-gov-tells-women\/","url_meta":{"origin":6171,"position":2},"title":"Strive to leave a legacy, Ogun Deputy Gov tells women","author":"Amazing Property","date":"August 10, 2017","format":false,"excerpt":"By Josephine Agbonkhese THE Deputy Governor, Ogun State, Chief (Mrs) Yetunde Onanuga, has implored women to champion charitable causes that seek to improve the lives of the down-trodden in the society. She said that service to humanity constitutes the greatest legacy any woman can leave behind. \u2022Mrs. Adegbemisola Fathiat Amoke\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Amoke-Rufai.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/Amoke-Rufai.png?fit=412%2C269&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6956,"url":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-firm-takes-promo-launch-to-lekki\/","url_meta":{"origin":6171,"position":3},"title":"Real estate firm takes promo launch to Lekki","author":"Amazing Property","date":"November 7, 2017","format":false,"excerpt":"\u2026Harps on opportunity in investing in real estate in Ibeju\/Lekki By Kingsley Adegboye IN its effort to make housesavailable and at affordable cost, to all strata of the society, Pertinence Limited, a Lagos-based real estate development company and owners of ABC Gardens and VIP Gardens, weekend, held its 13th edition\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Estate 010.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/estate-010.jpg?fit=412%2C276&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5004,"url":"https:\/\/amazingproperty.com.ng\/blog\/kresta-laurel-gets-subsidiary\/","url_meta":{"origin":6171,"position":4},"title":"Kresta Laurel gets subsidiary","author":"Amazing Property","date":"June 19, 2017","format":false,"excerpt":"The Chairman of Kresta Laurel Limited and former Governor of Ogun State, Otunba Gbenga Daniel, an engineer,\u00a0explained that the growing demand for the development of critical infrastructure and construction projects in Nigeria led to the birth of the company. One of Nigeria\u2019s leading indigenous engineering companies, Kresta Laurel Limited has\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Otunba-Gbenga-Daniel-.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Otunba-Gbenga-Daniel-.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Otunba-Gbenga-Daniel-.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Otunba-Gbenga-Daniel-.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Otunba-Gbenga-Daniel-.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8428,"url":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-firm-empowers-youths-with-5-star-partners-programme\/","url_meta":{"origin":6171,"position":5},"title":"Real estate firm empowers youths with 5-star partners\u2019 programme","author":"Amazing Property","date":"February 27, 2024","format":false,"excerpt":"By Kingsley Adegboye As part of its efforts to bridge the widening employment gap in the country and empower young Nigerians to create wealth for themselves, Alpha Mead Development Company, AMDC, a strategic business unit of the Alpha Mead Group, Nigeria\u2019s first real estate development company certified to international standards\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Odinakas 45.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Odinakas-45.jpg?fit=412%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=6171"}],"version-history":[{"count":1,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6171\/revisions"}],"predecessor-version":[{"id":90525,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6171\/revisions\/90525"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/6172"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}