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Costain WA may raise N20 billion in REITS in 2011

Category: Public Offers Private Placements


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Costain WA may raise N20 billion in REITS in 2011

 

PETER OBIORA

Proshare NI

July 10, 2008 at 18:31 GMT

 

Construction Giants Costain West Africa Plc (Costain WA) may raise N20 billion in a Real Estate Investment Trust Scheme (REITS) in year 2007. Phil Wharton, Managing Director/Chief Executive Officer MD/CEO of the Company made this affirmation to Proshare NI in Abuja Nigeria.

 

“My dream is that in the next three or four years, we will float Costain Homes as a separate Public Liability Company (PLC); we will raise money in the market” he affirmed.

 

“This is to help support the building of homes in Nigeria and providing real estate solutions” Wharton said.

 

As earlier reported Costain has formed Costain Homes to help provide real estate solutions in Nigeria.

 

“We will do an IPO and raise whatever we need to raise; maybe about N20 billion or thereabout” he said.

 

As at the time of filling in this report, Wharton affirmed that the REITS fund is being targeted within the next three years and has not been discussed with the board of the company.

 

He also confirmed to Proshare NI that financial institutions from America and South Africa had approached the company in the last 12 months to acquire stakes in Costain in order to help provide real estate solutions in Nigeria.

 

“Major financial institutions from America and South Africa have approached us over the last 12 months as to this regard” he affirmed.

 

Wharton confirmed to Proshare NI that one of the things Costain has started since September 2007 was building houses.

 

“We are going to be building homes under our own name as Costain. We think that there is a big gap in the market here” he said.

 

He further affirmed that Costain would engage barren developments; which would be done on the back of residential and Costain Homes.

 

Wharton affirmed that to achieve the fit of building homes, a land bank is required in a three to four years period costing billions of Naira.

 

“To acquire a land bank for three or four years are expensive, it will cost billions; so my view like I said earlier is to go to the market with Costain Homes” he said.

 



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