PURPLE REAL ESTATE LAUNCHES N10Bn OFFER

Purple Real Estate Income Plc, a real estate investment platform, announces its initial public offer of N10 billion equity to sell 2 billion ordinary shares of 50 kobo each at N5 per share.

This offer has come along with the company’s goal to list its shares on the main market of the Nigerian Exchange (NGX), the regulated stock market managed by the Nigerian Exchange Group on completion. Purple intends to use the proceeds from the Offer to expand the group’s existing portfolio by diversifying its new lines of business and geographies to create more inclusive homeownership opportunities for Nigerians across the country.

Purple Real Estate Income PLC is a specialist investment firm delivering a new generation of real estate, financial and lifestyle services to households and companies in Nigeria.

Purple commenced operations in 2014 and is responsible for the development of the Maryland Mall now Purple Maryland, a Grade-A mixed-use centre that also boasts of the largest outdoor LED screen in West Africa and has continued this mission with PurpleLekki, a new construction that will nurture tech-empowered communities and offer best-in-class entertainment, retail and hospitality with its experiential offering PurplePlay.

#Haveyourshare is an opportunity for individuals to own shares and invest in high-end income producing Real Estate assets in the Purple portfolio.

Commenting on the Offer launch, Laide Agboola, Chief Executive Officer, Purple, said:

“Today is a significant step for the evolution of Nigeria’s real estate sector. By opening up participation in the real estate market to a new wave of Nigerian investors, Purple is delivering on our mission to democratize access to real estate in Nigeria.

Additionally, by delivering on an expanded pipeline of new projects in a range of asset classes, we are providing new investment opportunities focused on stabilised, income-generating properties that respond to the fundamental changes to how communities in Nigeria want to work, consume and live.

In line with Purple’s ambition to provide retail investors with technology-enabled access to real estate as an asset class, we have made available the initial public Offer online, while also making it available through our network of issuing houses and banks. We want every Nigerian to have the opportunity to participate as Nigeria’s real estate sector evolves.”

OFFER DETAILS

The Offer will be conducted through:

• Listing: The New Ordinary Shares will be listed on NGX under a new ticket symbol to be advised.
• Offer Size: ₦10 billion Equity Offer representing an IPO of 2,000,000,000 Ordinary Shares at N5 per share.
• Availability: The Offer will be available during the Validity Period which runs from 21 November 2022 to 23 December 2022.
• Method of Issue: Under the Offer, New Ordinary Shares will be sold via an Initial Public Offer (IPO); as approved by the SEC.
• Use of Proceeds: The net proceeds of the Offer will be disbursed to the Company for the purpose of debt refinancing, development of Lekki retailtainment, cost of Issue refinancing and to meet working capital needs whilst positioning Purple for the acquisition of income-producing real estate such as Mansard Place amongst others.

Have your SHARE with Purple today. Get started with as low as N20K for 4,000 unit shares at N5 per share unit here.