:format(jpeg)/cloudfront-us-east-1.images.arcpublishing.com/tgam/PY7PGWCYJNHFHBATW2W23RDRIY.JPG "Bid with situations takes massive up to date condominium")
|
ADDRESSEE: |
The Managing Director |
||
|
Stanbic IBTC Belongings administration Restricted |
|||
|
Wealth Home |
|||
|
Plot 1678 Olakunle Bakare Shut |
|||
|
Off Sanusi Fafunwa Highway |
|||
|
Victoria Island |
|||
|
Lagos. |
|||
|
PROPERTY ADDRESS: |
Properties belonging to UPDC Actual Property Funding Belief (UPDC REIT) at |
||
|
∙ |
Property often called Abebe Courtroom at No. 10-14 Bourdillon Highway, Ikoyi, Lagos |
||
|
∙ |
Property often called Victoria Mall Plaza I at No. 30 Bishop Aboyade Cole Avenue, Victoria Island, |
||
|
Lagos |
|||
|
∙ |
Property often called Victoria Mall Plaza II at No. 30 Bishop Aboyade Cole Avenue, Victoria Island, |
||
|
Lagos |
|||
|
∙ |
Property often called Pearl Hostel at Pan Atlantic College, Ibeju-Lekki, Lagos |
||
|
∙ |
Property often called Kingsway Buildings at |
||
|
– |
51-52 Marina, Lagos Island, Lagos |
||
|
– |
107-113, Broad Avenue, Lagos Island, Lagos |
||
|
– |
115-117 Broad Avenue, Lagos Island, Lagos |
||
|
∙ |
Property often called UAC Advanced at Plot 272 Cadastral Zone A0 Central Enterprise District, FCT, |
||
|
Abuja |
|||
|
DATE OF INSPECTION: |
Between Friday the twond 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 Worth of the above captioned properties as at Monday, the 5th day of December, 2022, is within the sum of N22,090,000,000.00 (Twenty-twobillion, ninety million Naira) solely.
WE ARE ALSO OF THE OPINION that the Pressured Sale Worth of the above captioned properties as at Monday, the 5th day of December, 2022, is within the sum of N15,463,600,000.00 (Fifteen billion, 4 hundred and sixty-threemillion Naira) solely.
WE ARE FURTHER OF THE OPINION that the Insurance coverage Worth of the above captioned properties as at Monday, the 5th day of December, 2022, is within the sum of
N15,678,500,000.00 (Fifteen billion, 600 and seventy-eight million, 5 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 often called Abebe Courtroom at No. 10-14 |
4,400,000,000.00 |
3,080,000,000.00 |
1,993,500,000.00 |
||
|
Bourdillon Highway, Ikoyi, Lagos |
||||||
|
2 |
Property often called 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 Avenue, Victoria Island, |
||||||
|
Lagos |
||||||
|
– The portion of land earmarked for the |
– |
547,000,000.00 |
||||
|
proposed mission stack being a part of the |
||||||
|
property addressed as Victoria Mall ! (VMP |
||||||
|
1) measuring 995.348m2 |
||||||
|
3 |
Property often called 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 Avenue, Victoria Island, |
||||||
|
Lagos |
||||||
|
4 |
Property often called Pearl Hostel at Pan Atlantic |
500,000,000.00 |
350,000,000.00 |
572,000,000.00 |
||
|
College, Ibeju-Lekki, Lagos |
||||||
|
5 |
Property often called 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 Avenue, Lagos Island, Lagos |
– |
|||||
|
– 115-117 Broad Avenue, Lagos Island, Lagos |
– |
|||||
|
6 |
Property often called UAC Advanced at Plot 272 |
1,790,000,000.00 |
1,253,000,000.00 |
1,520,000,000.00 |
||
|
Cadastral Zone A0 Central Enterprise 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 |
Web 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 |
Web page 2 |
December 12, 2022
The Managing Director
Stanbic IBTC Belongings administration Restricted
Wealth Home
Plot 1678 Olakunle Bakare Shut
Off Sanusi Fafunwa Highway
Victoria Island
Lagos.
Expensive Sir,
VALUATION OF PROPERTIES BELONGING TO UPDC REAL ESTATE INVESTMENT TRUST (UPDC REIT) VARIOUSLY LOCATED WITHIN LAGOS AND ABUJA
Additional to your latest instruction specifically to find out the Market Worth of the above-captioned properties, now we have carried out our inspection and now have the pleasure in reporting to you as follows:
DATE OF INSPECTION:
Our inspections had been undertaken between Friday the twond and Monday the 5th days of December 2022
INFORMATION:
Data given on this report have been obtained as follows:
- as regards the descriptive and locational particulars from visible inspection of the property;
- as regard the worth from evaluation of open market transactions on related properties within the neighbourhood;
- as regards the title, from doc made obtainable to us by the addressee;
|
CA/EX. SY/DNC/CM/VI/10182/2022 |
9/2/1444 2:32:08 PM |
Web page 3 |
ASSUMPTIONS:
In valuing the property now we have assumed:
- that the knowledge with which we’re equipped are right;
- that the title to the property is nice and marketable;
- that the property isn’t adversely affected by or topic to obligatory acquisition, street widening, new proposal or planning scheme;
- that the property is free from all onerous prices and restrictions.
VALUATION
BASIS:
The premise of valuation is the Market worth, that’s, the value, which an curiosity in a property may fairly be anticipated to understand in a sale by Non-public Treaty assuming:
- a keen purchaser;
- an inexpensive interval inside which to barter the sale bearing in mind the character of the property and the state of the market;
- values will stay static all through the interval;
- the property shall be freely uncovered to the market;
- no account is to be taken of an extra bid by a particular purchaser;
- no account is to be taken of bills of realization, which can come up within the occasion of a disposal.
|
CA/EX. SY/DNC/CM/VI/10182/2022 |
9/2/1444 2:32:08 PM |
Web page 4 |
CERTIFICATION:
In finishing up our valuation, we certify that:
- assertion of information with reference to this report are true and proper to the very best of our information;
- Limiting circumstances have been disclosed;
- now we have no curiosity(current or future) within the transaction or property;
- Compensation was not contingent upon us rendering our opinion of worth;
- We’ve complied with all valuation requirements as required;
- An inspection of the property was carried out;
- Help was not acquired within the execution of the valuation report.
|
CA/EX. SY/DNC/CM/VI/10182/2022 |
9/2/1444 2:32:08 PM |
Web page 5 |
That is an excerpt of the unique content material. To proceed studying it, entry the unique doc right here.
Disclaimer
UPDC Actual Property Funding Belief printed this content material on 04 April 2023 and is solely liable for the knowledge contained therein. Distributed by Public, unedited and unaltered, on 04 April 2023 18:37:04 UTC.
Publicnow 2023
|
|
|
|
|
|
|
||||
|
||||
Revenue Assertion Evolution
More Stories
Bid with situations takes massive up to date condominium
Canadian Actual Property Homeowners Aren’t Promoting, Right here’s Why
Spring market: The return of the bidding wars