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Baron & Cabot woos Nigerians to invest in UK property
Baron & Cabot, a leading UK property investment firm, has invited Nigerian investors to massively invest in UK real estate, revealing numerous benefits of partnering with the company
The UK-based real estate company made this known to Vanguard after a seminar session with existing and potential investors in Asia/Africa Hall, Eko Hotels & Suites, Lagos on Saturday.
In an interview with Biodun Busari, the Managing Director of Baron & Cabot, Mark Pearson said the firm works with Nigerian investors to invest in UK real estate to make returns.
Speaking about how Baron & Cabot encourage Nigerians to invest in UK property, Pearson said the UK has an under-supply property which should fuel investors’ passion to invest and solve housing problems.
“We seek Nigerian investors to invest in the UK. The UK has huge under-supply property at the moment. Lagos, like the UK, is similarly facing a housing crisis.
“In the UK, we’ve quite huge under-supply property and one of the benefits in the UK is that we have under-supply and over-demand, and we really get mortgages whereby the local market can borrow 3-4%s and the international market can borrow 5-7%.
“What we do is that we work with Nigerian clients who normally work in the UK already, and want bounty investments. Most clients we look at are in the UK and the US with the swap in currency,” Pearson said.
Speaking on whether Japa syndrome in Nigeria, in which Nigerians are relocating abroad in search of greener pastures, has anything to do with Baron & Cabot, Pearson said the primary objective is for people to make money through real estate in the UK market from their country with or without relocation.He also revealed that the company has been engaging in property investment with investors in Lagos for over 10 years, and the profit has grown to 193 per cent.
He said, “We don’t really focus on people looking to ‘japa’ relocating abroad. Our real focus is an investment. And that thing is not only in Nigeria. It’s a global thing. English investors and Nigerian investors, our target is demographically looking into people who want to invest, and who may or may not want to relocate.
“We focus on people who want returns on their investments and get their money back in more consistent currency. We deal with investors in Lagos for over 10 years ago, that bought houses and they grew to 193%.
”Baron & Cabot MD also allayed fears of inflation and other economic challenges facing the UK, saying they do not affect the real estate business, because the economic crunch is a global crisis. He stressed that the deadly virus coronavirus could not even affect the property market.
“We had Covid. What that has done globally is destroy the market. The point is that every country has been affected. Every country has inflation. Investors don’t look at that. They look at which country will perform best in all of these economic crunches.“There have been walkouts across UK, US, and Europe because people want their wages to increase and continue. We also have Russia, US, China, and Ukraine issues which are concerns across all of Europe. With all these, what investors look at is where will my money be best in the next two or three years.
“In the UK, we increase the base rate to make the inflation drop. But the point is inflation has dropped in the UK. And the moment base rate drops, we are going to have a surge in the UK property,” Pearson stated. He assured Nigerians that legal services and bank papers to help in their investments can be processed at local and international levels.
He also disclosed that the company made about £50 million from the Nigerian market in 2022.“We have been working with a lot of banks as our major partners. They will make sure they can get bank accounts in the UK. A lot of what Nigerians don’t know is that you could get a UK mortgage and you can get UK bank accounts. But, they can also work with Nigerian bank accounts, we also have those relationships.
“More recently because of our feedback from Nigerian clients, we got like £50 million from the Nigerian market last year in transactions from Nigerians. Nigeria is a huge market. We have one of the best partners in Lagos, because of the feedback that Nigerians want a face in their country.
“She’s trained in the UK market. She’s completely legal and one of our partners in a Law firm in London. She’s Nigerian and the Law firm in London is Nigerian. So, if you feel more comfortable in Nigeria, we have a Nigerian lawyer for you.
We also have a forex company that works with us and is regulated by the Central Bank of Nigeria and also regulated in England to make your money.
“We try and smoothen all kinds of challenges that we face from our clients in Nigeria. We genuinely feel we’ve done something beneficial to the people of Nigeria.
”Asides from looking for investors in Nigeria, and expanding the company’s capital base, Baron & Cabot also targets to have offices, extend to many partners, and offer highly paid jobs in Nigeria.
“On the flip side, we’re looking at building our offices here, looking for partners here and also real estate agencies because we want to generate more jobs as well here in Nigeria. And I mean to generate highly paid jobs,” Pearson added.
The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.
This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.
Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.
He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.
The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.
This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.
According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.
“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”
He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”
He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.
“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.
The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.
He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.
“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”
He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.
The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.
In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.
Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.
Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.
The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.
Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.
Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.
Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.
Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.
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