By Maduka Nweke
Experts and investors in the real estate sector have awarded Alaro City in the Lekki Free Zone the “Best Industrial Development of the Year”. The award was given to the company during the Real Estate Discussions and Awards (REDA) for year 2021.
The award organised by Thinkmint Nigeria, REDA is West Africa’s flagship real estate event gathering the most senior investors, developers, operators, and professionals, providing the ideal platform to transact across the region, as well as to celebrate excellence amongst real estate practitioners. The maiden conference was held virtually last year.
This year’s event, headlined by Senator Gbenga Ashafa, Managing Director of the Federal Housing Authority, voted Alaro City the Best Industrial Development of the Year based on “how quickly Alaro City has established itself as a leading destination for industrial investments, attracting over 40 industrial and commercial businesses in just over two years and providing world-class infrastructure and amenities, all within a master-planned, mixed-use development”.
Launched in January 2019, Alaro City is planned as a 2,000-hectare mixed-income, city-scale development with industrial and logistics locations, complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares (370 acres) of parks and open spaces. Alaro City, a model for Public-Private-Partnerships, which are a key focus for the Lagos State Government, is a joint venture between Rendeavour, Africa’s largest new city builder, and Lagos State, the economic and financial nerve centre of Nigeria. Over 3.5km of initial road networks with rain garden drainages and cycling lanes are under construction; as well as power, water and sewerage infrastructure.
In the first two years of infrastructure rollout in Alaro City, recognition of the new city has come from several quarters: from its master plan winning the international 2019 Architizer A+ Popular Choice Award, to being “Highly Commended in Africa” in the SME Winners Category and “One to Watch” among free zones globally in the fDi Global Free Zones of the Year Awards 2020.
The companies at Alaro City include Starium, a subsidiary of BUA Group, which is nearing the completion of its detergent factory, and Ariel Foods FZE, which has built and completed the largest Ready-To-Use Therapeutic Foods (RUTF) production facility in Africa, with an annual capacity of 18,000 metric tonnes. The factory is also the most advanced RUTF facility in the world.
Accepting the award, Yomi Ademola, Managing Director of Alaro City, said: “The REDA Award is a strong industry endorsement of Alaro City’s pioneering role in redefining working and living in Nigeria. Alaro City, located in the heart of Lekki Free Zone, has attracted more than N40 billion of investment from local, regional and global industries in just over two years. We are delighted that REDA has recognised the achievements of Alaro City and Lagos State government.”