PROJECT

Projects

Summary of Proposed Investment

Project Number

25677

Company Name

UACN Property Development Company Plc

Date SPI Disclosed

Feb 21, 2007

Country

Nigeria

Industry

Tourism, Retail and Property

Projected Board Date

Mar 23, 2007

Status

Completed

Sector

Construction and Real Estate

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : May 10, 2007
Signed : May 21, 2007
Invested : Aug 14, 2007

Project Description

UACN Property Development Company PLC (UPDC or the Company) is a leading Nigerian property development and management company listed on the Lagos stock exchange. As UPDC continues to grow, IFC will assist in financing its overall capital expenditure and working capital program for 2007 through 2009. The three-year capital expenditure program includes construction of the Victoria Mall & Plaza consisting of a complex of 36 high-end luxury apartments, a 15-storey office tower, a multi-storey car park with 450 spaces, a shopping center and a 160-room 4-star hotel. IFC’s financing will be used mainly for the Victoria Island Mall Plaza project.

Sponsor / Cost / Location

Development Impact