The buyer of Shoprite Nigeria has been revealed as the exit of the South African retail giant from the country draws nearer.
According to Shoprite’s statement, the Nigerian division will be sold to a local property group, Persianas subject to regulatory approval.
While the asset has been valued by the seller at 30 billion naira ($73 million), it’s not yet clear how much Persianas has agreed to pay.
The company first announced in August 2020 that it was leaving Nigeria. because it has struggled with supply-chain disruptions and repatriating funds.
The exit process was probably slowed after the Federal High Court in Lagos made an order of Mareva injunction stopping Shoprite Checkers (PTY) Limited from disposing of or transferring its assets out of jurisdiction over a $10m judgment debt.
About Persianas Group
The Persianas Group according to its website was founded in 1990 and has established a proven capability to initiate, secure, construct, deliver and manage real estate developments across Nigeria. It has particular expertise and a leading profile in the retail sector, notably The Palms shopping malls, and is also active in the residential and commercial real estate development and management sectors.
The company is chaired by Tayo Amusan and they are the owners of The Palms Shopping malls.