Persianas - Dubaishow - 210408 - BB

Persianas Development Company
Limited
A Unique Investment Opportunity

Presentation Outline
 Executive Summary
 Introduction and Background
 Country Overview
 Nigeria – Economic Snapshot
 The Investment Opportunity
 Value Proposition
 The Sponsor
 Conclusion
© Chapel Hill 2008. All Rights Reserved. Strictly

Executive Summary

Executive Summary
 Economic reform and increasing foreign direct investment across West Africa is yielding
positive results and has led to a real estate boom across the region.
 Economic growth, the improving investment environment and a growing middle class across
West Africa has made expansion into the region exciting and rewarding.
 There exists a significant gap between supply and demand in the real estate market and
there is an opportunity to take advantage of under-valued and under-managed assets.
 Tayo Amusan (“TA”) is a leading Nigerian property developer with a portfolio including the
Palms Mall, the largest shopping mall in West Africa, luxury residential developments and a
land bank in Nigeria.
 TA has formed Persianas Development Company Limited (“PDC”) with the objective of
becoming the leading property development and investment company in West Africa.
 In order for PDC to attain this leadership position, it needs to broaden its portfolio of
developments and also explore real estate opportunities across the region.
 PDC believes it can create tremendous value capitalizing on this opportunity by developing
a predominantly Nigerian but region wide coverage through expansion across West Africa.
 Chapel Hill Advisory Partners, a leading Nigerian investment bank, is working with PDC and
its bankers, First City Monument Bank Plc (“FCMB”) to achieve its expansion objectives.

Introduction and
Background

Introduction and Background
 With an estimated population of 250 million, the demand for real estate is far
in excess of the supply in West the Nigerian market.
 While there have been significant investments in real estate, there is still a
significant shortfall occasioned by the improved macro-economic environment
and rapid GDP growth driven by commodity prices.
 It is anticipated that the supply/demand gap across all real estate classes from
retail, commercial, residential, hospitality and industrial will persist for the
foreseeable future.
 Liquidity across the region’s capital markets has improved providing solid
investment exit opportunities, through IPOs, secondary offerings, strategic or
trade sales and REITs.
 The rapid recapitalization of the region’s financial institutions especially in

Nigeria has led to improved access to local and foreign currency debt capital.
 Attractive yields with landlords typically collecting rents 2-5 years upfront,
denominated in US dollars and vacancies for prime properties are typically less
than 1%.
6
 Accordingly, Persianas Development Company aims to position itself to take
Country Overview

Country Overview
 The West African Region comprises of 16 countries with a total
population of circa 250 million with over 140 million people in
Nigeria.
Sound economic
 The region has witnessed an upsurge in foreign investments and management has
is growing steadily due to increased political stability, robust created strong and
output growth and general confidence in the region. stable growth, partly
supported by high oil
 Nigeria is the largest economy in West Africa, contributing over price
70% of the total GDP of the region.
 Nigeria is the twelfth largest oil producing country in the world

and has the third largest natural gas reserves in the world, with
GDP estimated at US$165 billion and per capita income of
US$1,180.
 Although historically growth was driven by oil and gas, in recent

years it has become increasingly more diversified with strong
growth in agriculture, real estate and other non-oil sectors.
 Sound economic management has created strong and stable

growth, partly supported by high energy prices and the
diversifying economy, albeit relatively slowly.
 Increased confidence in Nigeria and its business environment Population is Democracy has
evidenced by significant investment by local and foreign benefiting become
investors and sovereign risk ratings by Fitch and S&P. with higher entrenched and
disposable civil society
income strengthened

Nigeria – Economic Snapshot
GDP (US$Bn) 165
Sector growth rates far exceeding GDP
growth
GDP per capita (US$)

1,180
Ban k in g & F in an cial

GDP growth rate(%) 6.2 Services 34.6
T ra n sp ort &
Inflation (%) 7 com m u n ication s 13.4
W h olesale an d retail
Official Exchange Rate (=N=/$) 116 trad e 12.3
Oil Price ($pb) (Average) 90 Bu ild in g &

con stru ctio n 11.8
Total External Reserves ($Bn) 52 R eal estate & bu sin ess

services 10.5
Total External Debt ($Bn) 3.1
Population (million)
140
Real GDP
growth
6.2%
Source: Agusto report, Chapel Hill
Research

Growth in the Nigerian Economy is increasingly being driven
by the non-oil sector
onsumption is a key growth driver in Nigeria Non-oil GDP / capita (USD)
 Consumption estimated to grow 16.6%

9) = 403
(06–0
at least 5% yearly in real terms CAGR 375
318
 Population of 140 million growing 253
at an estimated 3% 201 204
224
 Unemployment on a downward
trend
 Incidence of poverty declining 2003 2004 2005E 2006 2007 2008F 2009F
Real GDP growth stimulated by growth in

non-oil sector
O il sector Non-oil sector

9.3
8.6
8.0
7.4
7.0
6.5 6.5 6.6
4.2 4.3
3.5 3.4
2004 2005 2006 2007 2008F 2009F
Source: IMF, EMC, Global Insight
10
10
Wealth is geographically concentrated in selected regions
Geographic wealth distribution
NW
NE
NC
Kano
US$41 US$58 Us$59

3 1 4
9% 8% 9%
SW FCT SE
Abuja
US$77 US$1,99 US$68

0 8
0
6% 5%
2%
Lagos
US$1,7 SS US$1,5 Per Capita Income
15 14 Internally Generated
34% 26% Revenue
Port
Harcourt
11

Robust growth and stable inflation
₦/US$
GDP Inflation Naira/US dollar
160
growth % exchange rate
12
% Economic growth 80 140
& inflation
Forecast
70 120
10
Real GDP 60
100
8 growth rate
50
Forecast
Inflation 80
6 40
60
30
4
20 40
2 10
20
0 0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
15%
25
GDP
20 Oil 41%
growth 14%
15
10 Total
Non-oil 2%
5
4%
0
24%*
2001 2002 2003 2004 2005
-5
Agriculture Oil
-10
Non-oil industry Building & construction
Wholesale & retail trade Services
* In current prices, oil sector
accounts for 39% of GDP
12

Increasing personal income
Forecast
Mobile phone
1 ,0 0 0
subscribers
GDP per capita
800 48000
44000
40000
600 36000
US$
32000
28000
400 24000
20000
16000
200 12000
8000
4000
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008
98
02
06
08
10
96
00
04
20
20
20
19
19
20
20
20
13

Rapid growth in middle income population
Population (‘000)
2004 2010F
HNIs 5 11
Wealthy 2004:
HIPs 53 89
3,728,000
Traders 800 1,330 Affluent
MIPs 403 770
LIPs 2,525 4,897 Mass

Affluent
2010:
5,897,000
Mass
Survivors 9,761 15,276 Market
Av. income
Bankable pop. 13,547 21,248 ₦’000 US$’000
HNIs (High Net Worth Individuals)35,000 275
HIPs (High Income Professionals) 8,000 63
Working pop. 48,000 66,827 Traders 6,000 47
MIPs (Middle Income Professionals)2,500 20
Total pop. 128,000 147,300
LIPs (Low Income Professionals) 800 6
Survivors <100 <1
14

The Opportunity
15

Real estate
 The Nigerian real estate sector accounts for 4-5% of
the country's total gross domestic product (GDP), and
represents nearly 70% of the national capital base.
Huge imbalance between
 Real estate is very capital intensive and the non- supply and demand for real
existence of financing options within West Africa has
hindered development in the region. estate
 upfront rent typically 2-
 Real estate in Nigeria is thriving with shortage of 5 years
residential and commercial developments in major
cities.  Minimal vacancy loss on
premium properties- 0-
 A dearth of accommodation, high cost of land, 5%
government policy regarding ownership of land,
transfer costs, high cost of building materials, non-  Average 35% annual
existence of mortgage facilities are all issues that rental rate increase for
affect the real estate sector in Nigeria and across premium properties
West Africa.
Rents for prime office space
 The demand for retail and commercial property across in Lagos have increased by
the region has increased tremendously as a result of more 750% since 2003
an upsurge in investment and commercial activities,
tourism and an emerging middle class.
 The region is estimated to grow at 5-8% over the next

10 years and various governments are implementing
initiatives to develop an active mortgage market to
aid the real estate industry.
16

Positive factors reflected in the Lagos real estate market
 Lagos is the most populous city in all of Africa with an

estimated population of 16 million growing at 4.45% pa.
 The city is also the commercial capital of Nigeria, with the

Demograph
largest concentration of economic activity (70%) and
ics
industries.
 Majority of Nigeria’s largest financial institution,

multinationals and corporate organizations have their
headquarters in Lagos
 Several of the oil majors have shifted portions of their

operations from the turbulent Niger Delta to the relative
safety of Lagos
 There is a large and in

growing middle/working class; and
Population growth Lagos continues to drive
increasing activity
residential and from inward
commercial investment and financial
re-location.
institutions.
Strong  Rents in Victoria Island, Ikoyi and Lekki, generally have
market
risen significantly more than inflation historically
fundamental
s  Scarcity of prime land has created huge pressures on
commercial and residential accommodation
17

Positive factors reflected in the Lagos real estate market
 Lagos is characterized by an acute lack of

premium land with clean title, and a lack of green-
Lan field land with major road infrastructure.
d
 The rapid expansion of metropolitan Lagos, both in
size and population has outstripped the
development of infrastructure facilities. Scarcity of
prime land, and the supply-demand imbalance
has created huge pressures on commercial and
residential accommodation.
 As a result, there has been continuing appreciation

in the prices of properties in the city over the
 years.
There is a limited number of high quality
Suppliers buildings and options for multi national
Market organizations.
 Rents are usually paid in cash two to five years in

advance.
18

Grade A office locations in Lagos
Name South Atlantic Ark Towers Churchgate Africa Re House Octagon Towers
Towers Towers
Location Victoria Island Victoria Island Victoria Island Victoria Island Victoria Island
17Ligali Plot 30Afribank 1679Karimu 13a A.J. Marinho
Address 7Adeola Odeku Ayorinde Street Kotun Drive
Year Built 2005 2001 1999 1999 1997
No. of Floors 13 12 10 13 12
Floor Size (sqm) 1180 460 1000 900 1100
Rent ($/sqm) 550 380 375 350 350
Service Charge ($/sqm) 200 125 150 175 140
Vacancy <1% <1% <1% <1% <1%
Located within Owned by a major Located in
Mixed use 500meters of Indian trading commercial part Residential VI.
Comments development Landmark family of VI Includes Helipad
Huawei, Netcom, Virgin Atlantic,
Petrobras, China Shell, Standard MTN, KLM, Landmark, IBM, SAP, HP,
National Oil Cpy, Chartered, Pan Pfizer, Alitalia, Petrobras, Microsoft, Exxon
Tenants Air France Ocean Oil IBTC, Churchgate Motorola Mobil, Nexen
Own Electricity & Water
Supply? Yes Yes Yes Yes Yes
19

Luxury apartments in Lagos
Name South Atlantic IBTC Apartments Niger Towers Admiralty Ocean Parade
Towers Towers
Location Victoria Island Victoria Island Ikoyi Ikoyi Ikoyi
Walter Carrington
Address 7Adeola Odeku Crescent Glover Road Gerrard Road Banana Island
No. of Floors 11 13 10 11 11
Rent ($/year) 75
,000 90
,000 72
,000 75
,000 85
,000
Sale Price (US $) N/ A 800
,000N/ A 750
,000 750
,000
Vacancy None None None None None
Retail Units Yes None None None None
SAPETRO
Management Holdings IBTC In-house UAC Plc In-house In-house
Adequate Parking None No Yes Moderate Yes
Own Electricity & water
Supply? Yes Yes Yes Yes Yes
Swimming Pool No Yes Yes Yes No
Games No No No No Yes
Tennis/ Squash No Yes Yes Yes Yes
Function Room No Yes No Yes No
Security Yes Yes Yes Yes Yes
20

Persianas Development Company Limited
 Persianas Development Company Limited (“PDC”), is a
property development holding company registered in
Mauritius and Nigeria.
Huge imbalance in
 PDC will execute a pipeline of real estate development supply and demand
projects in the commercial, retail, office and luxury for real estate
residential markets across West Africa.
 PDC will be focused on quality real estate to cater to the

growing demand in West Africa, with a strong focus on the  Upfront rent
Nigerian real estate market. typically 2-5
years
 The principal sponsor of PDC is Tayo Amusan (“TA”), who is
arguably the most visionary developer in West Africa and  Minimal
the developer of the largest retail mall in West Africa, the
Palms Shopping Mall. TA is targeting lifestyle and vacancy loss
destination properties, with a view to defining this category on premium
of the real estate market.
properties- 0-
 TA is bringing assets including the Palm Courts I & II, the 5%
Palms Mall and other assets including land into PDC in
exchange for which he will receive equity in PDC.  Average 35%
annual rental
 TA is also bringing into PDC, a project pipeline of circa US$1 rate increase
billion. TA will reverse all of his assets into PDC, which will for premium
be the vehicle used to develop all of his projects going
forward. This is to ensure that he is fully committed to the properties
business and has no potential or conflict of interest
 Relocation of
 PDC is committed to improving the environment through oil workers
the development and operation of world class retail, from Port
commercial, entertainment and hospitality centres across
West Africa. Harcourt to
Lagos
21

TA, arguably the most visionary developer in W/Africa
 Persianas Palm Courts is a
residential luxury apartment
estate developed over 20
years ago located in Victoria
Island comprising of 2 blocks
of 24 apartments and 3
penthouses.
 It provides functional and

luxurious accommodation to
the expatriate staff of
Ericsson, Exxon Mobil and
the German Embassy.
 The Palm Courts generates

annual rental income in
excess of USD 1.5 million.
 The property is valued at

circa USD 25 million.
22

The Palms Shopping Mall
 Joint venture project between

TA and Actis. The mall
Biggest
Shopping Mall comprises a double storey
in W/Africa centre with a total built area
of circa. 24,134sqm and
18,846sqm lettable space.
 The mall is fully let and
generates over USD$ 6.5
Highest rents
achieved per million in rental revenues
sqm annually. Yields expected to
rise to 15% in 2009.
 The Palms Mall project was
completed at approximately
African Finance US$50 million and was voted
Project Deal
2005 the African Finance Project
Deal of the Year 2004 by the
Financial Times.
23

The Palms Shopping Mall
 The Palms has attracted

high quality anchor tenants
including some of Africa’s
High quality
anchor tenants leading retail names.
 Anchors have signed 10

year leases and also provide
a turnover upside.
Premier  Daily footfall in excess of

shopping 20,000 people with more
destination in
Lagos than 700 tenants wait listed
for vacant space.
24

Project Pipeline
25

Project Pipeline
 PDC is currently exploring other identified strategic opportunities in the retail,
luxury residential, office, hospitality and light industrial property markets.
• The Palms Phase II project - an integrated mixed use development to be
situated next to the existing palms mall
• Developments of similar mixed-use projects in Ikeja and Festac in Lagos,
Enugu, Kano, Ibadan, Abuja and across the country.
• Joint ventures and strategic alliances with land or real estate asset rich
multinationals, state governments and government agencies.
• Seme Border ogistics terminal
• Lafarge property portfolio
• Warri Mall and
• Sagamu Mall
26

Palms Phase II
27

Palms Phase II
The Palms phase II project will
consist of 3 visually attractive
towers. It is located adjacent to
the Palms Mall in Lekki and is a
nearly 2 million square feet
development.
The land is conservatively

valued at just over USD 20
million and initial project
economics indicate a project
completion at around USD 550
million.
The concept drawings have

been completed and the project
is in the planning approvals
stage. Ground breaking on the
project will be in Q4 2008.
The project would be

completed in two phases; the
retail mall will be completed in
December 2010 with
apartments in June 2011 and
the offices should be completed
within 36-40 months.
The project upon completion is

estimated to generate an
annual rental income in excess
of USD 55 million.
Palms Phase II – Project Details
 42,429sqm of retail space on two levels with race track configuration
 26,000sqm of lettable space with large food court on the mezzanine
Retail level
 Shop sizes ranging from 35sqm to 8,000 sqm
 39,376 sqm of Class A office space on two towers; Tallest wing reaching 35
Office floors
 28,000 sqm of lettable area
 Flexible and adaptable design, allowing single or multiple client

configurations.
Parkade
 Six levels of covered parking
 Providing secured and covered space for 2,200 cars
29

 5134sqm of multi level health club located on the 20th floor height,
with 360 degree view.
Health
club  One view facing the Lagos lagoon and the other view is of the Atlantic
ocean.
 Comprises of squash and basket ball courts and all the modern
amenities associated with a world-class health club.
Residentia  83 luxury residential apartments in one block comprising of 1 to 3-

l bedroom apartments and penthouses.
 Integrated property management with 24 hours power

back-up, water treatment plant, sewage processing unit,
Service Security with access control with CCTV monitoring,
s directed access and infrastructure support.
30

Pre-lets & Potential tenants
PDC is in advanced negotiations with

multinational tenants for leases
covering 50% of the commercial space
in the palms phase II development
Existing retail anchor tenants have

given in principle commitments to
taking up to 30% of the retail space
Line shop owners in the Palms Mall

along with up to another 700 retailers
are wait-listed for more space
The wait-list for shops at the Palms Mall

could swell further if the government of
Nigeria were to lift the ban on textile
importation.
Palms Phase II – Concept Design
Enugu Palms Mall
 The Enugu Mall is a joint venture project
between TA and the Enugu State
Government.
 The project is a mixed use development
of which a retail mall will be the first
phase.
 The project will be developed on the site
of the Enugu Polo Park on prime land
measuring in excess of 80,000 sqm. The
first phase total developed area of
16,000 sqm will have a lettable retail
space of 12,000 sqm.
 Initial economic projections estimate
that the project will be completed at
around USD 40 million.
 The project is expected to commence in
Q1, 2009.
 The project upon conclusion will
generate estimated USD 5 million
annual rental and other income.
Concept Drawing for 33

Enugu
Enugu Palms Mall- Concept Design
34

Festac Palms Mall
 The Festac Mall is a joint venture project
between TA and UPDC and will be located
adjoining the Festac 77 hotel.
 The Festac 77 hotel has been re-developed into a

new Novotel hotel by UPDC.
 The Festac Mall will be developed on land

measuring circa 24,000 sqm.
 The total developed area of 20,000 sqm will have

a lettable retail space of 16,000 sqm.
 Initial Projections show that the mall should be

completed at around USD 50 million.
 The project is expected to commence in Q2,

2009.
 The project is estimated to generate annual

rental and other income of circa USD 6.5 million.
35

Concept drawings of other Malls planned
Ikeja Mall Ibadan Mall
36

Concept drawings of other Projects planned
Proposed Kano mixed-use development

Proposed Seme Logistics Terminal
37

The Further Pipeline -
Other Opportunities
38

Other Opportunities
TA has several other initiatives and projects in the pipeline worth in excess of USD 2 billion.
These include;
The Lafarge Nigeria Property Portfolio

 TA is the preferred development partner in the tender process to be the developer
partner on the restructuring and regeneration of the existing real estate portfolio of
Lafarge which is worth over USD 100 million.
Nigerian Army Joint Venture

 TA is in discussions with the Nigerian Army in respect of a joint venture to manage and
rehabilitate its existing real estate portfolio. It is estimated that this could require
investments in excess of USD 1 billion.
Seme Border Logistics Terminal

 TA is in the advanced stages of negotiations with the Nigerian Customs in respect of a
development partnership to develop a mixed used border complex and logistics
terminal. The project is estimated to cost USD 80 million.
Regional Opportunities in West Africa including Retail and Residential in Ghana

etc
39

Value Proposition
40

Investment Structure
TA’s New
Equity Equity
Assets & Land Bank
PWH
IPO
Debt
Land Bank Persianas Development
Company
Assets and
Projects
Key Investment Highlights
 Total new funding required is about [$.] million

 PDC is seeking an equity investment of [$.] million for a 20% ownership stake in the
company (post-money)
 The signature project Palms Phase II will have an 80% leverage ratio to completion
 About [$.] million invested to date by promoters on land acquisition, perfection of
title, pre-development costs, etc.
 The four year investment profile is extremely attractive:

 75% IRR achieved based on conservative estimates of operating cash flows and sale
prices of the luxury apartments
 Combined valuation of [$.] million for PDC achieved
 Conservative assumptions used; several potential income streams are not

factored into the valuation. Additional upside potential include the following:
 Revenue upside from retail anchors
 Income from Branding and advertisement
 Income from Car parking
 Limited annual rental growth
42

Key Investment Highlights
Potential Investment Exits
 Several exit alternatives will be actively pursued:
 Listing on a major public equities market

 Sale to private or public real estate investment funds
 Sale to a pension fund
43

High Level Transaction roadmap
Capital
Construction Soft Openings Finalize IPO
Raising and Start IPO
Project Structure
Mobilization
Conclude debt Agree Initial Public
Commence Pre Soft Opening of transaction
and equity offering of PDC
marketing of Retail section of structure and
financing for the
Palms II Palms II and finalize further
project and
and pipeline Festac Palms asset
mobilization of
launch acquisition
project team
Q3’ 08 Q1’ 09 Q4’ 10 Q1’ 12 Q2’ 12
Our People
Tayo Amusan
Tayo is the principal sponsor of Persianas Development Company Limited.

He is a graduate of Business Administration from the University of
Atlanta. He has over 25 years of real estate development experience in
Nigeria and internationally and is the first West African to attract
international private equity investment to real estate. In 2005,Tayo
together with Actis completed the development of the first retail mall in
Nigeria. He has extensive experience and a solid reputation in executing
project financing transactions and has received awards for his
contribution to the development of real estate in Nigeria
His prior real estate successes were based on exploiting demand- supply
gaps and a clear understanding of retail and luxury residential
developments.
Tayo is the Chairman/ Chief Executive of Persianas Properties Limited
(owners of the Palms Mall) and serves on the board of several other
companies including Garages Limited and Southern Petroleum Limited. He
also acts as an advisor on oil & petroleum matters to Masefield Limited in
the United Kingdom
45

Our People
Mr. Bolaji Balogun
‘Bolaji Balogun is the Managing Director and Chief Executive Officer of Chapel Hill Denham Group
and Managing Partner and Chief Executive Officer of Chapel Hill Advisory Partners. He has over
nineteen years experience in investment banking and mobile telecommunications.
Bolaji spent eleven years in the investment banking within First City Group, leaving the business
in January 2001. From April 1993 to January 2001, he was Executive Director and Chief Operating
Officer at CSL Stockbrokers (part of First City Group) and in this role was a member of the
Nigerian Stock Exchange (“NSE”) project teams which automated delivery, settlement and
trading on the NSE.
From June 1998, he was Executive Director at FCMB Capital Markets, a pre-eminent Nigerian
investment bank where he led advisory teams in major corporate and complex transactions,
including privatizations, M & A, equity & debt capital raising, IPOs, new listings, buyouts,
restructurings, debt conversion, compliance with Securities laws involving investments across
sectors including energy, telecommunications, FMCG & financial services. He advised clients on
market entry into Nigeria and on the acquisition of Nigerian companies.
In January 2001, ‘Bolaji left FCMB Capital Markets to become a co-founder of Econet Wireless
Nigeria.The business (later known as V Mobile) was awarded a national license for US$285 million
in January 2001. He was also a founding Director and a member of the license bid auction team,
which won the GSM license. He was pioneer Chief Business Development and Strategy Officer and
in October 2001, was appointed Chief Marketing Officer. He led the capital raising effort to raise
over US$750 million for the license and network build-out. The V Mobile business (now Celtel) has
experienced phenomenal success since its inception and is now
Nigeria’s second-largest GSM operator with over 12 million subscribers, over US$1.1 billion
annual revenues. The business was sold to MTC-Celtel for US$1.65 billion in June 2006. Prior to
that, ‘Bolaji had left V Mobile and returned to financial services with the formation of Chapel
Hill.He is a Director of FCMB Capital Markets, Lafarge WAPCO Cement Plc (a Lafarge subsidiary)
46
and NAHCO Plc. He is a graduate of the London School of Economics and is a licensed securities
dealer in Nigeria.
Our People
David Lasky
David holds a Bachelors Degree in English and German Literature from the University of
California, Berkeley (1995) and a Masters in Economics with emphasis on Transition
Economies (1996)
from Uniwersytet Jagiellonski, Krakow Poland. He has over eleven years experience in
corporate and
investment banking.
He commenced his career in 1996 at GATX Capital Corporation, San Francisco as an

Associate Director where he worked in the Corporate finance Division. From there, he
proceeded to Deutsche Bank AG, New York/London in 1998 where he was given the
mandate to assist in growing Leverage Buyout “LBO” market in Germany and Poland. He
was thereafter transferred to the Global Markets Division Internally as Head of Central
European and Baltic Origination to build a market leading bond franchise in Poland and the
Baltics. Major high points were; increase in Underwriting over the period to over US$3
billion, attained 40% market share in the Poland, 100% in Baltics (nearest competitor 15
and 0% share), Awarded Polish and Baltic Bond House of the year - 1999 by Euromoney
Magazine.
He left for Credit Suisse First Boston AG, London in 2000 were he was Director, Fixed
Income Head of
CIS Origination. At CSFB he developed a US$15 million per annum franchise and grew
underwriting
over a four year period by US$3 billion. He later returned to Deutsche Bank AG, London as
Managing
Director Global Markets in 2004 were he was Head EEMEA Capital Markets (all Public 47
Markets – Debt
and Equity) with responsibility
© Chapelto build
Hill 2008. a market
All Rights leading franchise. He joined Renaissance
Reserved. Strictly
Our People
Prakash is a management professional with over 15 years of progressive
Prakash Pantham
marketing, operations and executive level experience in the ICTindustry. He
has significant experience with start-up operations and new business
creation and is the Chief Commercial Officer at PDC with responsibity for
business development strategic planning, sales and marketing.
His last assignment was with Starcomms Plc as the commercial director
overseeing sales, marketing and customer care operations. At Starcomms,
Pantham helped to navigate the brand on the path of steady and consistent
growth, maintaining very clear market leadership in the PTO sector in terms
of subscriber base, customer service delivery and product and service
innovativeness.
Prior to joining Starcomms, Pantham was the Head of Distribution with

Globacom Limited, the second national operator in Nigeria. While at
Globacom, he managed and set up the entire distribution network for the
company, across the country.
He has a Masters in Business Administration (Marketing) from the

University of Baroda. Before coming to Nigeria, he worked with Reliance
Infocomm Limited, India’s leading telecommunication and information
management company, as Head, Sales Operations. He also worked as Head
- Business Services at Textile Portals Limited, an E-commerce portal and
Marketing Manager at Hutchison Telecom in India. 48

Our People
[.] Okoye
49

Next Steps
50

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Persianas Development Company

A Unique Investment Opportunity

 Introduction and Background

 The Investment Opportunity

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

 The rapid recapitalization of the region’s financial institutions especially in

© Chapel Hill 2008. All Rights Reserved. Strictly

 Nigeria is the twelfth largest oil producing country in the world

 Although historically growth was driven by oil and gas, in recent

 Sound economic management has created strong and stable

© Chapel Hill 2008. All Rights Reserved. Strictly

GDP per capita (US$)

Ban k in g & F in an cial

Oil Price ($pb) (Average) 90 Bu ild in g &

Total External Reserves ($Bn) 52 R eal estate & bu sin ess

Total External Debt ($Bn) 3.1

© Chapel Hill 2008. All Rights Reserved. Strictly

 Consumption estimated to grow 16.6%

Real GDP growth stimulated by growth in

O il sector Non-oil sector

2004 2005 2006 2007 2008F 2009F

Source: IMF, EMC, Global Insight

Geographic wealth distribution

US$41 US$58 Us$59

US$77 US$1,99 US$68

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

LIPs 2,525 4,897 Mass

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

 The region is estimated to grow at 5-8% over the next

© Chapel Hill 2008. All Rights Reserved. Strictly

 Lagos is the most populous city in all of Africa with an

 The city is also the commercial capital of Nigeria, with the

 Majority of Nigeria’s largest financial institution,

 Several of the oil majors have shifted portions of their

 There is a large and in

© Chapel Hill 2008. All Rights Reserved. Strictly

 Lagos is characterized by an acute lack of

 As a result, there has been continuing appreciation

 Rents are usually paid in cash two to five years in

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

 PDC will be focused on quality real estate to cater to the

© Chapel Hill 2008. All Rights Reserved. Strictly

 It provides functional and

 The Palm Courts generates

 The property is valued at

© Chapel Hill 2008. All Rights Reserved. Strictly

 Joint venture project between

© Chapel Hill 2008. All Rights Reserved. Strictly

 The Palms has attracted

 Anchors have signed 10

Premier  Daily footfall in excess of

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly

© Chapel Hill 2008. All Rights Reserved. Strictly