Benue government completes mall
The Benue State Investment and Property Development Company (BIPC) has commenced the expansion of its valuable assets base in Karu Local Council, Nasarawa State.
The agency recently inaugurated a multi-million naira shopping mall in the area, where the Managing Director of BIPC, Jacob Mulya, revealed that the mall, occupied a land mass of one hectare, houses 93 shops of various sizes including a banking hall and restaurant.
Mulya stated that it is the intention of the company to sell-off about 40 per cent of the project to generate “investable funds” while retaining 60 per cent of the investment for capital growth.
He said the 40 per cent outright sale of the property would bring in approximately N350 million, adding that the edifice which was started by the immediate past administration, gulped about N500 million.
Mulya noted that the project has a lettable space of 4200 with a two boreholes and a dedicated transformer.
He explained that the project was divided into two phases; while the shopping mall represented the first phase, the construction of a mini estate with 54 units of two bedrooms and three bedrooms, fell under the second phase.
“The company had signed a Memorandum of Understanding (MoU) with a private developer to achieve that feat. The company hoped to increase its asset base, enhance multiple streams of income by properly utilizing the legacies of past leaders of the state”.
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