South African firm, Redefine Properties is set to sell its 37.1% stake in the landmark Oando Wings office towers in Lagos, to Growthpoint Investec African Properties (Giap). This was revealed in Redefine’s pre-close presentation.

While this has nothing to do with the ongoing xenophobic attacks on Nigerians and other foreigners in South Africa according to the company, it is understood that Redefine is getting shares in Giap in return for its stake in the Oando Wings property, which is jointly owned by RMB Westport.

“Talks with Giap are proceeding. This is not a cash sale and we are negotiating what share we will get in the African fund as part of this deal,” Redefine CEO, Andrew König confirmed in an interview.

Thomas Reilly, the London-based managing director of Giap, also confirmed that “negotiations are ongoing” to acquire the Oando Wings property. “No deal has been signed yet and we are in talks with both Redefine and RMB Westport. We hope to finalise some sort of deal within the next few months.”

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Redefine acquired the 37.1% stake in the Oando Wings development as part of its acquisition of JSE-listed capital growth fund Pivotal in 2016.

In 2017, the stake was valued at around N4 billion (R800 million) but Redefine recently confirmed that the stake is now worth around N2.3 billion (R453 million). The Wings Office Complex consists of two 12-story buildings – 27,000m2 of lettable office space, an in-built 3-floor car park, 4 high-speed 12 person passenger lifts per tower, retail space and a waterfront. The building was constructed by Cappa D’Alberto, one of the oldest building and civil engineering firms in Nigeria and the name behind notable buildings such as The Civic Centre, GT Bank Head Office, Mobil House and Citibank Head Office.

The building offers a world-class indoor event space, a one-of-a-kind space that can hold up to 300 people, with floor to ceiling windows which provide a scenic view of the waterfront and allows maximum natural daylight. Wings also has an outdoor waterfront area with a hosting capacity of 200 people and overlooks Lagos State’s waterway.

Samson Oyedeyi