Real estate · Serviced & flexible offices
Grade-A Serviced Office Portfolio
Four-building, 22,000 m² prime Lagos office portfolio at 91% occupancy with dollar-linked income; owners seeking a full sale.
Victoria Island, Lagos, Nigeria12 years in operation58 employees
88
Readiness /100Investment ReadyAsset-heavyProfitableFamily-ownedInvestment ready
Asking price
₦24bn – ₦27bn
Revenue
₦4.7bn – ₦5.1bn
EBITDA
₦2.8bn – ₦3bn
Cash flow
₦2.1bn
Employees
58
Transaction
Full acquisition · 100%
Business overview
An owner-operator of four Grade-A office buildings in Victoria Island and Ikoyi totalling 22,000 m² of net lettable space, 91% let to 140 corporate tenants with 60% of income dollar-linked. Two buildings are freehold. The family shareholders are seeking a full sale of the operating company and its property assets.
Business model
Rental income from serviced and managed offices, flexible workspace memberships, meeting and event space.
Investment thesis
Prime Lagos office supply is constrained and dollar-linked leases hedge naira risk; the flexible segment lifts yield above conventional leasing.
Highlights
- 22,000 m² across four Grade-A buildings, two freehold
- 91% occupancy, 140 tenants, top ten ≈32%
- 60% of income dollar-linked
- EBITDA margin 59%, independent valuation 2024
- Investment Readiness Score 88
Risks
- Mortgage of ₦6.5bn on Marina House
- Tenant demand sensitive to multinational headcount in Lagos
- Two buildings held on 60-year leaseholds
- Power cost dependence on IPP contract
Figures are seller-reported and subject to Acqiva verification. The readiness score is indicative and not a substitute for independent due diligence or a formal valuation.