AMCON's Sale of Silverbird Entertainment Centre Abuja: Opportunity or Overpayment?

akinABRAHAM & ASSOCIATES LTD
Jul 7
3 min read

Updated: Jul 8

AMCON's Sale of Silverbird Entertainment Centre Abuja: Opportunity or Overpayment?

AMCON is selling – are you paying more?

The Asset Management Corporation of Nigeria (AMCON) has officially opened bids for the Silverbird Entertainment Centre, Abuja - a prime commercial asset seized in 2016 over debts exceeding N10 billion. As published on AMCON's website and national dailies, interested buyers have until July 11, 2025, to submit bids for this property among several others across Lagos, Rivers, Oyo and Plateau states.

The Silverbird Entertainment Centre in Abuja, a prime commercial building with a gross lettable area of 15,650.10sqm located in the Central Area, Cadastral Zone, is among other real estate assets that are likely to be sold on the basis of recovery rather than Fair Market Value, as AMCON focuses on debt recovery rather than asset value maximization. This is a rare turnaround opportunity for strategic investors to unlock significant value for the asset because of its prime CBD location with high foot traffic, opportunities for tenant mix optimization, great value through operational improvements, and competitive repositioning.

As the deadline for bids (July 11, 2025) approaches, prospective investors interested in Silverbird Galleria Abuja should do thorough research before making an investment choice, since AMCON's debt recovery auction represents both opportunity and risk. Aside from legal due diligence, we recommend that investors conduct additional research (by valuation) to better understand the operational performance, market fundamentals, and asset-specific liabilities. Without the following, buyers risk overpaying for an asset with hidden financial, legal, and operational complexity:

Non-transparent NOI (cash flows, lease terms and renewal probability, operating expenses) to justify the reserved price.
High risk to bid (tenant exodus, Abuja market saturation)
Declining occupancy and stiff competition from newer malls
Capex neglect with accelerating decay due to age
Poor revenue growth – having less revenue CAGR compared to peers.
Critical DSCR breakdown during takeover resulting in debt repayment crisis and legacy risks
Uncertain financial health and liabilities, etc.

While financial uncertainties and operational challenges exist, Silverbird Entertainment Centre offers strategic investors a high-potential revitalization play, as the reserved sale price is likely to be a compromise —AMCON recovers debt, but the Silverbird Entertainment Centre, Abuja could be worth and achieved more at optimal management level.

As part of akinABRAHAM & ASSOCIATES' way of offering transaction supports to the prospecting investors, we provide critical insights and market intelligence in our CRE Numbers and Stories Report on Silverbird Entertainment Centre, Abuja, for investors preparing to bid as the asset is to be sold on an “as-is” basis.

Take a look at the key takeaways from the Report:

Prime CBD positioning, including the land size and Irreplaceable location with sizeable foot traffic.
Bid Price Range with in-depth capex and target yields analysis
Conditional Offer details tie to appropriate post-acquisition capex and occupancy levels at >90%.
Distressed asset opportunity as AMCON's motivated sale is not on the Fair Market Value basis.
Value-Add potential with significant upside through tenant remixing and operational improvements.
Discounted Cashflow Valuation providing stable and fair platform to negotiate and check balance the 2016–2024 NOI statements from AMCON’s reserve price.
Market insights on how to reposition the Centre to achieve a competitive Food and Beverage Revenue Model as obtainable from the market - Jabi Lake Mall, Novare Mall, and the Palms Lekki.
Risk mitigation strategies for Silverbird Entertainment Centre acquisition.
Capex Injection Timeline to boost yields and compete favourably in the market.
Operational Performance Benchmarking (Key Metrics)
Prime mall success factors, amongst others.