November 23, 2015

FPS chooses electric MOFFETTs for night-time deliveries

Hiab, part of Cargotec, has sold three MOFFETT E4 20.1 truck-mounted forklifts to FPS in the UK. The order has been booked into Cargotec’s Q3 order intake. FPS has been in distribution and wholesaling for over 80 years, with a portfolio that spans the Automotive, Leisure and Maintenance & Accessories

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Issue 323 : Dec 2024

November 23, 2015

Actis, RMB Westport and Paragon sell Nigeria’s Ikeja City Mall to Hyprop and Attacq

Actis, a leading emerging markets investor, RMB Westport, a notable sub-Saharan Africa real estate investment management and development group and Paragon Holdings, a leading Nigerian investor group today confirm the sale of Ikeja City Mall to South African Real Estate Investment Trust (REIT), Hyprop Investments Limited (Hyprop) and Attacq Limited (Attacq), a JSE-listed real estate capital growth fund. Hyprop acquired a 75% interest in Ikeja City Mall and Attacq has acquired the remaining 25%. Actis and local partner Paragon Holdings sourced the development site in 2008. RMB Westport, initially appointed by Actis as the development manager in 2008, invested as an equity partner in 2010.  Actis has now sold its 60% majority stake, while Paragon Holdings and RMB Westport have both sold their 20% stakes in the mall. Ikeja City Mall, Lagos’ largest mall, is a world-class retail and leisure development in Ikeja, a densely populated suburb of Lagos, with a population of 4.5 million people. As the largest mall in Lagos it comprises over 22,000m² and has a tenant mix anchored by Shoprite, offering South African brands including Mr Price, Spur, MTN and Markham and international brands including Nike, Lacoste, Tommy Hilfiger, TM Lewin, Mango, i-Store, KFC, and Max Fashion. Actis and RMB Westport managed the development process from concept to completion: investing the initial equity; raising development finance; managing the construction; securing the tenants; operating the mall and bringing it to market at the right time, working in partnership with Paragon Holdings. The mall opened its doors in December 2011 fully let, and today attracts up to 800,000 shoppers per month. Ikeja City Mall is Hyprop’s first investment in Nigeria. This acquisition is an attractive investment and complements Hyprop’s strategy of investing in high quality, income-producing shopping centres, in key cities across sub-Saharan Africa.  Pieter Prinsloo, CEO of Hyprop, commented: “Hyprop is well‐placed to capitalise on opportunities across sub-Saharan Africa, due to its partnership with the Atterbury Group and Attacq, whose combined expertise facilitates exploiting opportunities as they arise.” David Morley, Head of Real Estate at Actis, commented: “This sale reflects the strong retail opportunity in West Africa and the interest of quality institutional investors in sub-Saharan real estate assets. This is the sixth exit from the first Actis real estate fund. It is a continuation of Actis’ proven cash to cash track record of delivering A-grade real estate assets in sub-Saharan Africa, positioned to be attractive to both international and local institutional buyers. Over two funds, Actis has committed to 17 institutional quality developments in seven countries totalling a gross asset value of $1.3bn.” “RMB Westport has earmarked a number of sub-Saharan Africa territories as key jurisdictions in which to develop retail and commercial property. Private consumption is increasingly emerging as one of the key drivers of growth in African economies, and foreign direct investment remains strong. RMB Westport’s current portfolio of 11 investment-grade developments with a gross asset value of $1bn is perfectly placed to unlock investor value. Reliable project delivery, which has been central to Ikeja City Mall’s success, is our core focus,” says Michael O’Malley, Director of RMB Westport who has spent the past 20 years working on retail and mixed-use projects in 12 African countries. Morné Wilken, CEO of Attacq, said: “Our strategic investment in Ikeja City Mall forms part of Attacq’s larger African investment strategy and was executed with the assistance of the experienced AttAfrica team. It is our first investment in Nigeria, an African market with fantastic growth prospects. It adds to our investment in the growing portfolio of dominant, quality retail malls in sub-Saharan Africa.” Frank Obi, Group Executive Director of Paragon Holdings commented “We are pleased to have been a part of this landmark project from its inception to the present. It is a testament to the foresight and resolve of our leadership, and to the position of Lagos State and its government as leading hosts to serious investors in Africa. We look forward to working with quality foreign investors to develop outstanding real estate projects in the years ahead.”

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O’Brien Contractors wins Property and Regeneration prize at the 2015 Birmingham Post Business Awards

Civil engineering and groundworks specialist, O’Brien Contractors, is pleased to announce it has been awarded its second Property and Regeneration award in three years at the 2015 Birmingham Post Business Awards. The award marks a major transition which has seen the company adopt a more strategic approach with a number of Midlands-based leading organisations, including: Morgan Sindall, John Sisk & Son, Aston University, Kier Group, Galliford Try, Birmingham City University and Lovell Partnerships, with the aim of providing value for money by delivering the most appropriate economical solution for the particular set of circumstances for each specific project. This approach has enabled O’Brien to deliver the highest standards across projects in Birmingham, including: St. Modwen’s Longbridge Town Centre Phase 2 scheme, Alumno Developments’ Number One City Locks, Aston Student Village scheme and The New Assay Office. Mick O’Brien, Director, O’Brien Contractors, said: “Our aim for all projects is delivery, on time and with zero defects, zero accidents and zero unexpected costs. The fact that 85% of our customer base is now from repeat business shows that our approach works and does deliver the best value for money.” The achievements that have resulted in O’Brien winning the award for a second time include: Turnover increased by 59.98%, from £17.5m to £28.03m. Delivered 9 multi-million pound contracts which accounted for our 2014 turnover. Recruited 5 apprentices from the Birmingham area. Health and Safety: Maintained our accident rates well below industry average. Awarded consecutive ROSPA gold accolade. Invested £2.4m in plant and equipment. “We have a strong work ethic and we really do value our employees. We take on board local apprentices, support local people and give to local charities. We’re very much at the heart of the community here.”

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FPS chooses electric MOFFETTs for night-time deliveries

Hiab, part of Cargotec, has sold three MOFFETT E4 20.1 truck-mounted forklifts to FPS in the UK. The order has been booked into Cargotec’s Q3 order intake. FPS has been in distribution and wholesaling for over 80 years, with a portfolio that spans the Automotive, Leisure and Maintenance & Accessories sectors. Operating from 22 sites across the UK, the company is able to meet customers’ needs on a same-day or next-day basis, something that no-one else in this market can offer. To achieve optimum service-levels, FPS delivers palletised items from the National Distribution Centre in Sheffield to 19 regional hubs throughout the night. The company is always looking at different ways of working to be more environmentally friendly and reduce noise pollution, and asked MOFFETT for a solution to help with night-time deliveries. FPS Transport Manager Mark Wilson says: “FPS received the first proto-type built E4 for an in-depth trial in 2011. Over a three year period, we produced detailed feedback to help develop this new electric MOFFETT, and felt like our needs were really taken into consideration. Hiab showed commitment, communication and support throughout the development to ensure no stone was left unturned. The end result was a forklift that is capable of helping our business to evolve and adapt in line with the increasing environmental and safety-led legislation that we operate within today. We were so pleased with the outcome that we decided to purchase three units.” The MOFFETT M4 electric truck-mounted forklift is super-quiet, with a noise level of less than 60dba. It has been designed for applications such as urban distribution in locations where access is restricted and low noise is paramount. It uses the latest lithium-ion battery technology to power the electric drive motors, hydraulics, and steering systems, meaning that when operational it is totally emissions-free. As more and more companies are interested in their environmental footprint, Hiab has seen an increased demand for electric MOFFETTs. “This is a great example of how much we can learn from our customers. We are very happy that the MOFFETT E4 can help FPS operate even better, and be more environmentally friendly in their business,” said Simon Tierney, Hiab’s Sales Manager for West Europe. The agreement also includes a full repair and maintenance contract. The electric MOFFETTs will be delivered to FPS during February 2016.

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