Key Points
- Lagos-based real estate firm aims to build 12,500 units, addressing Nigeria’s 16-million-unit housing deficit.
- Bond funding will deliver 12,500 affordable housing units, targeting a 16 million-unit deficit.
- Lagos-based real estate and hospitality provider focuses on land acquisition and project development, with flagship projects in Lagos.
Haldane McCall, a Lagos-based real estate and hospitality provider led by industry veteran Edward Akinlade, is taking bold steps to address Nigeria’s housing crisis.
The company plans to raise N250 billion ($97 million) through a bond offering, aiming to accelerate affordable housing development and close the country’s significant housing gap.
Vision for transformational growth
In a recent interview, Akinlade shared the company’s blueprint, detailing plans to issue the N250 billion ($161.5 million) bond in tranches of N25 billion ($16.15 million). “We’ve started laying the groundwork and will approach the capital markets next year,” he stated.
The funds will primarily support affordable housing projects, with key partnerships already in motion, including collaborations with the Labour Congress, the Trade Union Congress (TUC), and the Lagos State government. Highlighting the urgency, Akinlade noted that Lagos State has built only 13,000 homes since 1999, reinforcing the need for private-sector participation.
Scaling affordable housing: A bold commitment
Akinlade underscored the severity of Nigeria’s housing deficit, estimated at 16 million units based on the Lateef Jakande report. He explained that current funding allows for delivering 1,200 units over five years.
However, the proposed $161.5 million bond could enable the construction of 12,500 units, offering attractive returns for investors. The company plans to focus on strategic areas such as land acquisition and project management while collaborating with the federal government to scale affordable housing initiatives.
Haldane McCall’s flagship projects reflect this commitment. The company is leveraging its vast landholdings in Opebi, Lagos, to develop 88 luxury apartments and a 12-story skyscraper, poised to be the tallest in the area.
“These projects will define our next steps, with bond funding driving execution,” Akinlade stated. He also mentioned exploring federal mortgage funding, particularly if interest rates become more favorable.
Decade of growth in real estate and hospitality
Since its incorporation in 2012, Haldane McCall has emerged as a major player in Africa’s real estate and hospitality sectors.
Known for its Suru Express Hotels and Suru Homes brands, the company has focused on developing luxury residential properties in prime areas like Ikeja GRA, Lagos.
Under Akinlade’s leadership, the company transitioned from private to public ownership within a year, achieving significant milestones, including its recent listing on the Nigerian Exchange (NGX).
With its transformative housing initiative and focus on scaling operations and partnerships, Haldane McCall is set to redefine Nigeria’s housing landscape. Akinlade’s vision combines strategic innovation and collaboration, setting a new benchmark for affordable housing development in the region.