Mauritius Real Estate Market: Nicolas Vaudin on Lavastone Properties’ Strategy for Sustainable Growth and Investment
In this exclusive interview, Nicolas Vaudin, Managing Director of Lavastone Properties, shares insights into the Mauritius real estate market, highlighting key trends, challenges, and investment opportunities. As a leading real estate investment and property development firm, Lavastone Properties has established itself as a major player in commercial real estate, industrial properties, hospitality real estate, and mixed-use developments.
With a strong focus on sustainable real estate, the company is actively pursuing LEED certification and incorporating green building practices to attract international corporate tenants and meet evolving sustainability standards. The discussion also explores Lavastone Properties’ expansion into industrial real estate, with strategic investments in logistics centers, warehousing spaces, and last-mile delivery infrastructure to meet the growing demand for supply chain solutions.
Beyond Mauritius, Lavastone Properties is positioning itself for international real estate investment, with plans to allocate 10-15% of its portfolio outside the country. The interview further delves into the Smart City Scheme, the oversupply of office spaces, and how foreign investment is shaping the future of property development in Mauritius.
This in-depth conversation provides valuable insights for real estate investors, corporate tenants, and stakeholders looking to understand the future of the Mauritian property market and the strategies driving sustainable growth and diversification in the industry.
Can you give us a brief historical background on Lavastone Properties
Lavastone Properties is a dedicated commercial real estate investment and property development group in Mauritius. We hold a variety of office spaces, industrial buildings, hotels, retail real estate, and prime land for development.
We differentiate ourselves through strategic acquisitions, sustainable building practices, and a strong tenant-centric approach. Our mission is to provide real estate solutions that align with our tenants’ business strategies, supporting their growth in the evolving Mauritius real estate market.
With a dedicated property management and facilities management team, we ensure our commercial properties adapt to tenants’ needs, fostering long-term partnerships.
Can you share one or two current projects that best showcase the different aspects of your work, such as hotels, office spaces, or other developments?
One of our flagship projects is the Sunrise Attitude hotel, a hotel development on the East Coast of Mauritius, built in collaboration with the Attitude Hotels group, a local brand now expanding into Africa.
We acquired a prime piece of land and initiated the hotel investment project in 2018. Despite challenges posed by COVID-19, our real estate investment strategy allowed us to successfully complete the project, making it the first new hotel to open in Mauritius post-pandemic in 2021.
Another noteworthy project is C Rodrigues Mourouk hotel in Rodrigues Island, a hospitality real estate investment developed in partnership with Constance Hotels. Despite the logistical challenges of building in Rodrigues, the project was successfully launched. Given the growing tourism infrastructure in Rodrigues, we are now planning an expansion to the hotel.
How would you assess the current state of the Mauritian real estate sector, including its key trends and challenges?
The Mauritius real estate market is evolving with key developments such as the Smart City Scheme, which integrates mixed-use properties under a live-work-play concept. Areas like Port Louis, Ébène, and Moka Smart City have seen major commercial real estate development driven by the expansion of the financial services sector and offshore businesses.
However, it is our opinion, that the market is currently experiencing an oversupply of office buildings, leading to shifting demand. International businesses and global corporate tenants are increasingly favoring sustainable buildings that meet LEED certification and green building standards.
At Lavastone Properties, we are actively addressing these trends by pursuing LEED certification for three of our properties, including ABSA House in Ébène. Our focus on energy efficiency, water conservation, and air quality ensures that our buildings meet modern sustainability standards.
What are your plans for expanding into the industrial sector? Can you share details about your current projects, your competitive advantages, and your vision for growth in this space?
As part of our real estate investment strategy, we are further diversifying into industrial real estate to create a more balanced property portfolio. Currently, office spaces account for over 33% of our total holdings, and we aim to reduce this to 25% by increasing investments in industrial properties as well as other sectors.
Our industrial property developments focus on logistics centers and warehousing spaces catering to large wholesalers, supply chain businesses, and last-mile delivery providers. A key project in Montebello is strategically located near the Sir Anerood Jugnauth Bridge, offering improved connectivity for manufacturing real estate and logistics infrastructure.
How do you think you can attract international tenants to your projects, and what specific factors do you believe they consider when choosing a location?
We already work with international tenants, including IQ-EQ, and many of their international clients, in our office buildings in Port Louis and Ebene. Our approach to attracting foreign real estate investment includes enhancing our online visibility, forging partnerships with the Economic Development Board of Mauritius, and showcasing investment opportunities in commercial real estate.
How do your properties incorporate eco-friendly features to meet the sustainability expectations of large corporate tenants?
Sustainability is a cornerstone of our real estate development strategy. Our LEED O&M Gold-certified building —such as the EDITH building—demonstrate our commitment to green building practices. Sustainability is not just about construction but also about ongoing property management, operations, and energy efficiency monitoring.
What is your vision for the company over the next three years, including international expansion and other key goals?
Our vision for Lavastone Properties over the next three years includes an expansion into industrial real estate and diversification into new sectors. We plan to allocate 10-15% of our real estate investments outside Mauritius, focusing on high-growth international markets where we can leverage our real estate expertise and investment strategies.
While we remain focused on commercial properties, office spaces, hotels, and retail real estate, we are also considering investment opportunities in healthcare real estate, senior living properties, and medical facilities.
Does investing 10 to 15% outside Mauritius involve forming partnerships abroad?
Yes, it involves working with our existing partners who may expand overseas or forming new partnerships with businesses in targeted investment countries. We plan to take a slow and measured approach, investing in countries where we have proper access to deploy resources effectively. This includes ensuring our teams can regularly visit and maintain our buildings to meet our operational standards. While we are not rushing into it, we are seriously exploring this opportunity.
Final Thoughts
At Lavastone Properties, we view real estate investment as more than just acquiring properties; it’s about developing strategic assets that contribute to economic growth in Mauritius and beyond. Through our sustainable real estate approach, strong tenant relationships, and expansion into new property segments, we are well-positioned to remain amongst the leaders in the Mauritian real estate market for years to come.