Africa Capital Alliance has announced that its real estate fund, CAPIC (Capital Alliance Property Investment Company) has exited its investment in Lekki Blue Water. The investment was undertaken with El-Alan for the development of the 128-unit residential development in Oniru, Lagos. According to the statement released by Africa Capital Alliance, no reason was stated for exiting the development. 

Details on the Lekki Blue Water Development

Name: Lekki Blue Water 

Grade: Deluxe

Type: Residential and Commercial

Certifications: IFC Edge

Completion Date: January 2020

Developer: Africa Capital Alliance

JV Developer: EL-ALAN Construction Company (Nig) Ltd 

Architect: Ngonyama Okpanum Associates

Details on Capital Alliance Property Investment Company (CAPIC)

CAPIC is a subsidiary of Africa Capital Alliance and  one of Nigeria’s leading indigenous private equity real estate funds with a portfolio that comprises over 13 developments in Nigeria and Ghana. The fund raised $165 million in 2008 to invest in real estate opportunities across Africa. One of such developments is Everty One Towers (formerly Cornerstone HQ), a 12-floor energy efficient office building in Lagos, Nigeria and the first commercial building in Nigeria to achieve EDGE certification – which was acquired by Everty in 2020.

According to our recent analysis of their portfolio, 38% of their entire portfolio by asset count is made up of hospitality projects, with projects within the residential, retail, and office sectors.. Furthermore, half of the projects in Nigeria were located in Lagos State, with the other half spread across Edo State, Rivers State, Imo State, FCT, and Anambra State.

CardinalStone Capital Also Exits Investment in iFitness

On a similar note, CardinalStone Capital also exited their investment in Nigerian fitness platform, iFitness by selling their 65% stake in the company to Verod Capital Management for $12 million on the 21st of February, 2024. According to the iFitness Acquisition Factsheet, CardinalStone Capital invested in iFitness in 2019, and contributed to the company’s expansion drive that saw them open 15 branches between 2019 and 2024. Furthermore, as at 2021, their total investment in iFitness was estimated at $5.2 million and facilitated the establishment of 12 new facilities in Lagos and entry into Abuja, Ibadan, and PortHarcourt.

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