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ADDRESSEE: |
The Managing Director |
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Stanbic IBTC Property administration Restricted |
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Wealth Home |
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Plot 1678 Olakunle Bakare Shut |
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Off Sanusi Fafunwa Street |
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Victoria Island |
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Lagos. |
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PROPERTY ADDRESS: |
Properties belonging to UPDC Actual Property Funding Belief (UPDC REIT) at |
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Property often called Abebe Court docket at No. 10-14 Bourdillon Street, Ikoyi, Lagos |
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Property often called Victoria Mall Plaza I at No. 30 Bishop Aboyade Cole Road, Victoria Island, |
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Lagos |
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Property often called Victoria Mall Plaza II at No. 30 Bishop Aboyade Cole Road, Victoria Island, |
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Lagos |
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Property often called Pearl Hostel at Pan Atlantic College, Ibeju-Lekki, Lagos |
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Property often called Kingsway Buildings at |
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51-52 Marina, Lagos Island, Lagos |
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107-113, Broad Road, Lagos Island, Lagos |
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115-117 Broad Road, Lagos Island, Lagos |
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Property often called UAC Advanced at Plot 272 Cadastral Zone A0 Central Enterprise District, FCT, |
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Abuja |
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DATE OF INSPECTION: |
Between Friday the 2nd and Monday the fifth days, of December 2022 |
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DATE OF VALUATION: |
December 5, 2022. |
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ASSET(S) VALUED: |
Land and buildings |
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OPINION OF VALUE(S): |
WE ARE OF THE OPINION that the Market Worth of the above captioned properties as at Monday, the fifth 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 fifth 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 fifth 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:
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S/N |
DESCRIPTION |
MARKET VALUE (N) |
FORCED |
SALE |
INSURANCE VALUE (N) |
ASSUMED MARKET |
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VALUE |
VALUE (N) |
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1 |
Property often called Abebe Court docket at No. 10-14 |
4,400,000,000.00 |
3,080,000,000.00 |
1,993,500,000.00 |
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Bourdillon Street, Ikoyi, Lagos |
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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 |
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30 Bishop Aboyade Cole Road, Victoria Island, |
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Lagos |
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– The portion of land earmarked for the |
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547,000,000.00 |
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proposed undertaking stack being a part of the |
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property addressed as Victoria Mall ! (VMP |
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1) measuring 995.348m2 |
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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 |
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30 Bishop Aboyade Cole Road, Victoria Island, |
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Lagos |
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4 |
Property often called Pearl Hostel at Pan Atlantic |
500,000,000.00 |
350,000,000.00 |
572,000,000.00 |
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College, Ibeju-Lekki, Lagos |
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5 |
Property often called Kingsway Buildings at |
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– 51-52 Marina, Lagos Island, Lagos |
2,000,000,000.00 |
1,400,000,000.00 |
4,150,000,000.00 |
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– 107-113, Broad Road, Lagos Island, Lagos |
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– 115-117 Broad Road, Lagos Island, Lagos |
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6 |
Property often called UAC Advanced at Plot 272 |
1,790,000,000.00 |
1,253,000,000.00 |
1,520,000,000.00 |
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Cadastral Zone A0 Central Enterprise District, FCT, |
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Abuja |
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TOTAL |
22,090,000,000.00 |
15,463,000,000.00 |
15,678,500,000.00 |
547,000,000.00 |
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Authorised Signatory |
Seal |
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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
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TEL: 08054797525 |
DECEMBER 2022 |
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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 Property administration Restricted
Wealth Home
Plot 1678 Olakunle Bakare Shut
Off Sanusi Fafunwa Street
Victoria Island
Lagos.
Pricey Sir,
VALUATION OF PROPERTIES BELONGING TO UPDC REAL ESTATE INVESTMENT TRUST (UPDC REIT) VARIOUSLY LOCATED WITHIN LAGOS AND ABUJA
Additional to your current instruction particularly to find out the Market Worth of the above-captioned properties, we’ve got 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 2nd and Monday the fifth days of December 2022
INFORMATION:
Info 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 comparable properties within the neighbourhood;
as regards the title, from doc made obtainable to us by the addressee;
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CA/EX. SY/DNC/CM/VI/10182/2022 |
9/2/1444 2:32:08 PM |
Web page 3 |
ASSUMPTIONS:
In valuing the property we’ve got assumed:
that the knowledge with which we’re equipped are right;
that the title to the property is nice and marketable;
that the property just 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 idea of valuation is the Market worth, that’s, the value, which an curiosity in a property would possibly moderately be anticipated to appreciate in a sale by Personal Treaty assuming:
a prepared purchaser;
an affordable interval inside which to barter the sale making an allowance for the character of the property and the state of the market;
values will stay static all through the interval;
the property can be freely uncovered to the market;
no account is to be taken of a further 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.
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CA/EX. SY/DNC/CM/VI/10182/2022 |
9/2/1444 2:32:08 PM |
Web page 4 |
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