Shelter Afrique, a pan-African housing development financier, has today, approved the sum of USD 24.03 million (10 billion naira) in a commercial loan to Lagos-based Tier 1 real estate and property development firm, Landmark Africa.
The 7-year line of credit with a 36-month moratorium has been structured to partly finance the construction of the mixed-use housing project “Landmark Waterview Apartments” and refinance its existing debt.
According to the Ag. Managing Director of Shelter Afrique, Kingsley Muwowo, the company is excited to record this significant milestone as the first project. ” We are excited to record this significant milestone as the first project we are partnering with Landmark Africa. This is truly a high-point for Shelter Afrique, and we are happy that the deal is adding to the long and successful history the company has had with Nigeria”. He added that the organization remain committed to financing real estate projects that promote innovation and affordability.
While making a remark on the deal, Landmark Africa Chief Executive Officer, Mr. Paul Onwuanibe said, ” the Landmark Africa vision is to create one stop destinations which embody the business, leisure, and lifestyle philosophy”.
He added that such innovative undertakings in the real estate sector require a formidable financial partnership, and that the organization is pleased to have found such a partner in Shelter Afrique.
Shelter Afrique is a Pan African housing finance and development institution, established by African governments to address the need for a sustainable housing delivery system, and related infrastructure projects in Africa. Sheepherders include 44 African countries, the African Development Bank, the African Re-Insurance Corporation, and Fonds de Solidarité African ( FSA).
Nigeria remains one of the key markets for Shelter Afrique. In addition to the Landmark Africa deal, the company has so far extended lines of credit to another Lagos-based real estate firm, Mixta Africa (USD 19.5 million), and Wema Bank (USD 10 million) this year alone .
The company’s mandate is to provide financing through debt, quasi equity, and equity to both public and private institutions for housing and urban infrastructure projects in its member countries.
Shelter Afrique also builds strategic partnerships and offers a host of products and related services to support the efficient delivery of affordable housing and commercial real estate, which include project finance, institutional lending, equity investment and joint ventures, trade finance, and social housing.
