Investment
A US$50M raise to build the first phase
Phase 1 costs US$67M and delivers land, the horizontal infrastructure layer, the first neighbourhood and the first megawatt of data-centre load. It is the phase that converts raw land into serviced land — which is where the value in this market is actually created.
Phase 1
Where the money comes from
Capital raise
US$50M
The Phase 1 equity and debt package being arranged.
Pre-sales
US$12M
First residential release, contracted ahead of completion.
Platform in kind
US$5M
The six operating software services, contributed by the group rather than purchased.
Total Phase 1 funding US$67M — US$50M raised, US$12M from pre-sales, US$5M contributed in kind.
The model
The case in six numbers
The argument is not that houses will sell. It is that after they sell, the city keeps earning — from power, water, connectivity, schooling, health, market space and commercial leases.
- Phase 1 cost
- US$67M
- Full programme capex
- US$473M
- Programme length
- 84 months
- Year 7 revenue
- US$103.5M
- Recurring share of year 7
- 63%
- Homes delivered
- 2,580
How to read these figures
Every number on this page comes from the developer’s own financial model. None of it is a third-party valuation, an appraisal, a contractor quotation or a forecast of returns to any investor. It is not an offer of securities and it is not investment advice. Independent quantity-surveyor validation of the principal cost inputs is in progress, and the model will be reissued when it completes.
Risk
What could go wrong
Land and title
Acquisition and titling sit inside Phase 1 and are funded from the raise. Until survey and title are complete, the parcel boundary is indicative. This is the single largest early risk and it is not dressed up as anything else.
Cost inputs not yet quoted
Four inputs are modelled rather than quoted: land price per acre with highway frontage, horizontal infrastructure cost per developable acre, data-centre capex at 1.5 MW IT load, and plot absorption rate. An independent Lagos quantity surveyor is pricing the first two. Investors should expect the model to move when those come back.
Currency and macro
Capex is substantially dollar-linked while much of the revenue is naira-denominated. The model is run in dollars; the mitigations are dollar-linked commercial leases, phased capex, and utility revenue that reprices.
Infrastructure dependency
Grid, water and road connections outside the boundary are not fully in the developer's control. The plan is built around on-site generation, on-site water treatment and existing Lekki-Epe access so that the first phase does not hinge on external completion dates.
Ask for the information memorandum.
Capital partners, development finance institutions and strategic investors can request the full model, the phasing schedule and the assumptions behind every figure on this page. Tell us your ticket size and mandate and we will come back directly.
Contact the development team