Purple Real Estate Income Limited (PREIL), Nigeria’s breakthrough real estate investment platform, today announced the completion of a merger with the Purple Real Estate Development Company Limited (PREDCO), the real estate development arm of the Purple Group.
PREIL and PREDCO share the same mission of democratising access to real estate investment and ownership in Nigeria by breaking down the barriers that prevent investors from owning real estate assets. As a combined company, the new entity will deliver the integrated ownership, investment, development, management, sales, leasing and acquisition of superior multi-use facilities, including residential, commercial, hospitality infrastructure and prop-tech developments.
This merger establishes the foundation for the next phase of Purple Group’s growth plan to accelerate the pace and scale at which it provides targeted, premium and affordable lifestyle offerings in strategic locations across Nigeria – delivering technology-enabled services and value-addition to clients and partners.
The new entity enhances Purple’s ability to scale the business and access appropriate financing to fund a strong pipeline of new projects, expand current services and better deliver against the growing demand for experience-driven solutions that meet the evolving needs of how communities now live and work.
In his remarks, Co-Founder & CEO, Purple Laide Agboola, noted, “This merger creates the platform for the next phase of our growth, consolidating the assets in our real estate division and delivering operational efficiencies across our internal value chain, while positioning us to access and deliver new, large scale business opportunities. We know that there is significant demand for modern, integrated real estate developments in Nigeria that meet the increasing demand for projects that support modern lifestyles, integrating residential, commercial, entertainment and technology solutions. Purple is more than just a real estate company, Purple is a real estate revolution delivering the needs of a new generation demanding much more from property.
Purple is Nigeria’s breakthrough real estate and financial services platform at the forefront of a real estate revolution. With investments in the development, management, and acquisition of superior multi-purpose properties and infrastructure across a wide range of sectors to democratise access to real estate ownership and investment, Purple is breaking down the barriers that prevent investors from the gains of appreciating assets.
PREIL commenced operations in 2014 and is responsible for developing the Maryland Mall, a Grade-A mixed-use centre that also boasts the largest outdoor LED screen in West Africa