11 Plc (formerly Mobil Oil Nigeria Plc) said it has finalised discussions with Asset Management Company of Nigeria (AMCON) to acquire Lagos Continental Hotel through its subsidiary company.
The acquisition is still subject to the terms and conditions agreed between the parties.
11 Plc which currently owns several prime properties in its real estate portfolio fully rented to blue chip tenants said the acquisition of this asset is consistent with its desire to diversify its interest “given the current challenging environment in the downstream sector of the petroleum industry.”
Fuel margins have remained stagnant for several years in the highly competitive and regulated industry.
11 Plc anticipates that the asset will contribute positively to earnings and underlines the faith of its stakeholders in the future of the Nigerian economy.
