Rendeavour, Lagos State Government Launch New City in Nigeria

LAGOS, Nigeria, January 29, 2019 /PRNewswire/ --

Africa's largest urban developer, Rendeavour, in partnership with the Lagos State Government, has broken ground on a new satellite city development in the Lekki Free Zone as part of a joint venture that boosts foreign direct investment in Nigeria and will create tens of thousands of jobs.

The project, Alaro City, is a 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.

Located in the North West Quadrant of the Lekki Free Zone, Alaro City lies in the growth path of Lagos, one of Africa's fastest-growing cities with a population of over 20 million. Alaro City is adjacent to the future international airport, the region's largest deep-sea port and major Nigerian and international companies.

At a ceremony marking the start of the project, which already has multi-national companies building facilities on site, Alaro City's partners outlined their vision of the satellite city.

"We welcome the substantial foreign direct investment Rendeavour is making in Alaro City, which will further enhance the Lekki Free Zone as the gateway of choice to Nigeria and West Africa," said Lagos State Governor Akinwunmi Ambode. "Alaro City symbolises the government's continuous support for private investors and fast tracking development."

Stephen Jennings, founder and CEO of Rendeavour, said: "We are proud and delighted to be bringing our successful inclusive city model to Nigeria and Lagos State, the heart of the country's vibrant economy. Our partnership with Lagos State will ensure that Alaro City is an economically sustainable city open to all Nigerians."

Rendeavour is building seven new cities in Africa: in Nigeria, Kenya, Ghana, Zambia and Democratic Republic of the Congo. As a master developer, Rendeavour invests over $250 million in each project, creating the infrastructure and living and working spaces that will help sustain and accelerate Africa's economic growth, meet the aspirations of Africa's burgeoning middle classes, and serve as a catalyst for further urban development.

About Alaro City (http://www.alarocity.com)

Alaro City is a mixed-income, city-scale development with master-planned areas for offices, logistics and warehousing, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces. Rendeavour and Lagos State Government, through their subsidiary, North West Quadrant Development Company (NWQDC), have conceived Alaro City as a 2,000-hectare, market-led project. NWQDC is authorised by both the Federal Government of Nigeria, through the Nigeria Export Processing Zones Authority, and the Lagos State Government as an entity to develop, operate, administer and manage Alaro City.

Lekki Free Zone (lagosstate.gov.ng)

The Lekki Free Zone, created in 2006, is a modern free zone managed in accordance with international best practices. The zone's 16,500 hectares are divided into four quadrants and managed by various operators, benefiting from Lagos State's position as the premier distribution hub in West Africa. The Lekki Free Zone is located in the southeastern corner of Lagos State, facing the Atlantic Ocean to the south and the Lekki Lagoon to the north. It is bordered by five kilometers of coastline and is 50 kilometers from Victoria Island, Lagos.

About Rendeavour (rendeavour.com)

Rendeavour is Africa's largest new city builder, with over 12,000 hectares (30,000 acres) of city-scale developments in the growth trajectories of large cities in Kenya, Ghana, Nigeria, Zambia and Democratic Republic of Congo. Rendeavour is creating the living and working spaces that will help sustain and accelerate Africa's economic growth, meet the aspirations of Africa's burgeoning middle classes, and serve as a catalyst for further urban development.

Contact:
Tim Beighton
Head of Marketing & Communications
+234-8070992935
tbeighton@rendeavour.com