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On the 20th of Dec 2013, at the Lagoon restaurant, the court- ordered meeting of the shareholders of Afriland properties was convened to adopt the merger between Afriland Properties Plc and Heirs Real Estate, with Afriland Properties PLc being the surviving entity.

A poll was taken and the motion was adopted for the merger. As a result of the share capital of Afriland Properties was increased from N500,000,000 (Five Hundred Million Naira), comprised of 1,000,000,000 (One Billion) ordinary shares of 50 Kobo each, to N675,000,000 (Six Hundred and Seventy Five Million Naira) comprised of 1,350,000,000 (One Billion Three Hundred and Fifty Million) ordinary shares of 50 kobo each.

It is believed that the merger will provide the following benefits and opportunities to shareholders and other key stakeholders of the company:

  • Increase Afriland Properties capital base, thereby enable the company to grow its income and take on substantial real estate investments.
  • Enable Afriland Properties to leverage on the real estate investment of Heirs Real Estate.
  • The merger will provide long term assets with a robust and diversified real estate portfolio with steady income stream.
  • The merger will provide additional revenue streams with no duplication and higher operating efficiency.


Heirs Holdings, LSDPC to Turn Falomo Shopping Complex into World Class Mall

Heirs Holdings, a pan-African investment company, chaired by Mr. Tony Elumelu, Tuesday signed an agreement with the Lagos State Development Property Corporation (LSDPC), for the redevelopment of the iconic Falomo Shopping Mall located in Ikoyi, Lagos State.

The mall will be redeveloped into a shopping mall, an office complex and world class residential apartments that will serve the needs of the burgeoning populace in Lagos State and beyond.

Speaking at the site tour, the Managing Director of LSDPC, Mr. Biodun Oki, said: “The Falomo Shopping Mall’s redevelopment is long overdue. Our partnership with Heirs Holdings is in line with the state government’s urban redevelopment project and it bodes well for the state, the country and for the citizens.

“Once this project is completed, we can all look forward to a new and improved landscape that will stimulate business activity in this area and beyond.

“Involving the private sector in our redevelopment agenda is the model for all future projects.”

Speaking on the plan to remodel the shopping complex, the chairman of Heirs Holdings said: “Redeveloping one of the country’s most iconic malls is part of our commitment to drive development and move Nigeria forward through our business activities.

“In addition to financial services, oil and gas, and power, real estate and hospitality is another of our core sectors because it plays a critical role in a nation’s development. In particular, real estate development contributes not just visually but economically to the country’s progress.

“We have other development projects in the offing. This include the Transcorp Hotels in Ikoyi, Lagos and Port Harcourt, which will commence this quarter now that we have secured the land.

“We are also expanding our existing property in Abuja and this is just the beginning of the mega plans we have to transform the Nigerian skyline.”

The Falomo Shopping Mall redevelopment project is a private-public sector agreement between Heirs Real Estate Limited, a wholly owned subsidiary of Heirs Holdings, and the Lagos State Development Property Corporation (LSDPC).

Heirs Holdings is a pan-African proprietary investment company that deploys capital in projects that will yield value on the long term.

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