Purple Group has confirmed it is in discussions with investors over potential acquisition and strategic investment opportunities involving the Maryland Mall in Lagos, which has been put for sale, as the company intensifies efforts to restructure obligations tied to the asset.
Business Post gathered that the group has debt obligations to Vantage Mezzanine Fund II, which typically sits between senior debt and equity.
In a statement, Purple said it had received recent enquiries and expressions of interest regarding possible investments in the mall following reports published last week.
The real estate and lifestyle company stated that it remains supportive of “any value-enhancing transaction undertaken at an appropriate valuation” and is working with Vantage Mezzanine Fund II, property advisory firm Broll, and investment house Renaissance Capital Africa to achieve what it described as a mutually beneficial outcome for stakeholders.
It disclosed that it had presented a “structured repayment and settlement plan” to Vantage as part of ongoing engagements linked to the asset. According to the company, the proposed plan contemplates the potential sale of all or part of the Maryland Mall asset.
The statement further revealed that discussions are ongoing with credible investors and prospective purchasers interested in acquiring a 100 per cent stake in the mall, taking a partial interest in the property, or participating in a broader strategic investment tied to Purple’s future listing ambitions.
The firm stressed that any transaction would be expected to align with the most recent valuation of the asset or any revised valuation subsequently agreed upon by the parties involved.
It also called for a coordinated and transparent process involving all stakeholders, including Broll and Rencap, saying this would help preserve stakeholder value and ensure efficient execution of any transaction.
Maryland Mall, located along Ikorodu Road in Lagos, is regarded as one of the prominent retail and mixed-use developments on the mainland. However, since its launch in 2016, the facility has faced several operational challenges. In October 2023, Mr Richard Ayodele Akintunde was named the Receiver Manager, and years later, the management agreement between Purple Group and the receiver manager was terminated, and Broll was appointed the new Facility Manager.
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