CEM REPORT, RETAIL | South African company, Novare and its subsidiaries have been barred from selling their assets in Nigeria by a High Court sitting in the Federal Capital Territory (FCT).
The restriction follows an ex-parte motion filed by the counsel to Grand Towers Reality Ltd, Grand Towers Plc, and Nze Chidi Duru, the entity that owns Shoprite, Novare Nigerian partners.
The motion sought an interim order from the court to prevent the defendants from selling, leasing, or transferring interests in the properties or assets identified as Novare Mall Lekki, Lagos State; Novare Mall, Sangotedo, Lagos; and Novare Gateway Mall, Lugbe District, Abuja.
This also extended to other locations such as Novare Mall, Apo, Abuja; Novare Central Mall, Wuse Zone 5, Abuja, along with all other Novare Malls currently under construction in Nigeria, pending the hearing and determination of the motion on notice, according to Nairametrics.
Justice Peter Kekemeke promptly granted the interim injunction order and set the next hearing for the motion on notice on February 13, 2024.
Recall that Novare Real Estate Nigeria Limited (NREN) on Monday, September 11 listed four of its Grade A retail properties for sale on local Nigerian media.
The properties are located in Lagos and Abuja including the Lekki Mall, Apo Mall Abuja, Novare Central Mall, and Gateway Mall Abuja.
The sale of these properties will signify Novare’s exit from Nigeria as they are the only real estate investments the company has in Nigeria.