1997 – UPDC Plc started its journey as a subsidiary of UAC of Nigeria Plc.
As a result of extensive trading activities across Nigeria, UAC acquired a large number of produce warehouses, offices and residential structures, which led to the company’s control of a significant portfolio of real estate all over Nigeria. These acquisitions were managed by a department of UAC, which became a subsidiary company called UPDC in 1997.
1998 – UPDC became a listed company on the Nigerian stock exchange.
Our main objectives as a newly listed business was the acquisition, development, sales and management of high quality serviced commercial, retail and residential properties in the luxury, premium and classic segments of the real estate market in Nigeria.
1999 – UPDC completes Abebe Court as its flagship development
UPDC’s first development as a listed entity was Abebe Court– a 32 unit estate in Ikoyi with highly sought after 3 and 4 bedroom apartments. The luxury residential estate remains a landmark development for UPDC and set us apart as the leading developer in Nigeria.
2002 – UPDC acquires The Durbar Hotel, Festac
UPDC embarked on the bold acquisition of the 942 room Durbar Hotel in Festac Amuwo-Odofin from the Federal Government. The landmark property is synonymous with the Festival of Arts and Crafts (Festac ’77) celebrations in Lagos in 1977. UPDC converted one block of the property into the 471 room Festival Hotel (formerly Golden Tulip, Festac), and the second block into 196 units of 1 and 2 bedroom apartments now known as The Residences, Festac.
2009 – UPDC commences Victoria Mall Plaza Mixed-Use project (VMP 1 & 2), Victoria Island
Victoria Mall Plaza (VMP) is a four-phase mixed-use development on Bishop Aboyade Cole Street in Victoria Island, Lagos. The 1st phase of this ambitious project was Victoria Mall Plaza 1 (VMP1), which is a large residential tower of 42 units of 2 and 3 bedroom apartments that was completed in 2012. VMP1 has been occupied by large multinationals such as Mobil and Huawei. Phase 2 of the project was a large commercial office development known as Victoria Mall Plaza 2 (VMP2), which was completed in 2013 with KPMG as anchor tenant.
2013 – UPDC REIT is launched on the Nigerian Stock Exchange
We pride ourselves in becoming the first real estate development company in Nigeria to establish a large and diversified portfolio of quality assets to successfully list a Real Estate Investment Trust (REIT) on the NSE. Today, the UPDC REIT remains the largest REIT in West Africa with UPDC as its Sponsor.
2016 – UPDC incorporates Facility Management Company
After 15 years of delivering seamless facility management services to the residents of our estates, UPDC converted its facility management department into a business subsidiary. The Facility Management Company now delivers its excellent services to both UPDC and non UPDC properties and is proudly one of the premier facility management companies in Nigeria.
2016 – UPDC develops Festival Mall, Festac
In a dynamic collaboration with Capital Alliance Property Investment Company and the UPDC REIT, UPDC conceptualized and developed the popular Festival Mall in Festac. The 10,816sqm retail mall is anchored by the international food retailer, Shoprite and created a modern formal retail destination point for residents around Festac, Amuwo-Odofin, Mile 2, Ojo, Alaba, Orile and Okota.
2020 – UPDC welcomes Custodian Investment Plc as new majority shareholder
Following a strategic partnership with our former parent company UAC, Custodian Insurance Plc acquired a 51% equity stake in UPDC to empower UPDC as a standalone entity and set the company on a path to profitability. This significant milestone in our history allowed UPDC to continue to unlock value for its shareholders in the Nigerian real estate sector.
Learn more about Custodian Investment PLC
UPDC Plc started its journey in 1997 and carved out of UAC of Nigeria Plc’s property division.
The United African Company (now known as UAC of Nigeria Plc) was formed in 1879 from the four European companies trading up the River Niger.
As a result of extensive trading activities across Nigeria, UAC acquired a large number of produce warehouses, offices and residential structures, which in turn led to the company’s control of a significant amount of real estate all over Nigeria.
These acquisitions were managed by a department of UAC, which became a subsidiary company, UACN Property Development Company in 1997. And in 1998, UACN Property Development Company (UPDC) was listed on the Nigerian stock exchange.
UPDC has since become a leader in real estate acquisition, development, sales and management of quality commercial, retail and residential properties in Nigeria for over 20 years.
Our large real estate portfolio has been achieved through a client-focused approach to building design and development, and a commitment to creating comfortable living and working environments across our locations in Lagos, Abuja, Port Harcourt, Ibadan, Asaba, etc.
We pride ourselves in becoming the first real estate development company in Nigeria to establish a large and diversified enough portfolio of quality assets to successfully list a Real Estate Investment Trust (REIT) on the Nigerian Stock Exchange in 2013 with the launch of the UPDC REIT. Today, UPDC REIT remains the largest REIT in West Africa.