After a successful equity fundraising in Q3 2025, AWIP, through its first investment vehicle AWIP I, completed in September 2025 the acquisition of a strategic property at 16 Idowu Martins Street, Victoria Island, Lagos, one of Nigeria’s most sought-after commercial corridors.
Press release, December 2025.
The transaction marks a significant step in AWIP’s strategy to deliver institutional-grade, mixed-use real estate products across Africa’s fastest-growing urban markets.
A brownfield play on Lagos’s premium office district
The acquired asset comprises a 750 sqm existing building on a 1,350 sqm plot. AWIP intends to pursue a brownfield strategy, remodelling and extending the current structure to deliver approximately 1,500 sqm of Grade-A mixed-use space (managed offices, coworking, MICE, F&B).
The redeveloped property will combine a coworking facility of 150+ seats, approximately 750 sqm of managed office space and a conference centre for 80, catering to the growing demand for flexible, high-quality workspace in Lagos’s CBD.
A pre-let pipeline anchored by blue-chip tenants
The project has already attracted strong tenant interest, with commitments from international companies. Spotify and Wema Bank have secured space alongside Lekoil Oil & Gas. This pre-letting momentum underscores the depth of demand for modern, fully serviced commercial real estate on Victoria Island, where quality supply continues to lag behind tenant requirements.
Construction started, opening in Q1 2027
Works on site started in December 2025, with opening scheduled for Q1 2027.
A compelling return profile
The investment targets a Gross Asset Value of approximately €2.5 million upon stabilisation. On a 5-year horizon, AWIP I projects an Internal Rate of Return (IRR) of 23% and a net Equity Multiple of 2.5x for investors.
Victoria Island: Africa’s corporate gateway
Idowu Martins Street sits at the heart of Victoria Island, Lagos’s main financial and corporate hub. The neighbourhood hosts the headquarters of major Nigerian and international firms, consulates and premium hospitality, making it one of the most attractive office submarkets in the country. The acquisition comes as Lagos consolidates its position as West Africa’s economic engine, with strong demographic tailwinds, expanding digital and financial services sectors, and a structural undersupply of quality commercial space driving rental growth.
About AfricaWorks Investment Partners
AfricaWorks Investment Partners is a real estate investment platform focused on value-add strategies across key African markets. Through its first vehicle, AWIP I, the firm targets brownfield and development opportunities in coworking and coliving, serving the workspace needs of Africa’s fastest-growing companies.
This press release is issued for information purposes only and does not constitute an offer or solicitation of any investment.