Pan-African housing development financier, Shelter Afrique, has approved a $24.03 million (€10 billion) commercial loan to Lagos-based Tier 1 land and property development company, Landmark Africa.
The line of credit with a term of 7 years with a moratorium of 36 months was structured to partially finance the construction of a mixed-use housing project, Landmark Waterview Apartments and to refinance its existing debt.
“We are delighted to record this milestone as the first project we are partnering with Landmark Africa. This is truly a high point for Shelter Afrique and we are pleased that the agreement adds to the long and successful history the company has had with Nigeria,” Shelter Afrique Ag. Chief Executive Kingsley Muwowo said.
“We remain committed to funding real estate projects that promote innovation and affordability, and we look forward to a long-term relationship with Landmark Africa,” he added.
Commenting on the agreement, Managing Director of Landmark Africa, Mr. Paul Onwuanibe said, “Landmark Africa’s vision is to create unique destinations that embody the philosophy of business, leisure and lifestyle.
“Such innovative businesses in the real estate sector require a tremendous financial partnership and we are happy to have found such a partner in Shelter Afrique. We are also happy to receive this long-term financing, which will accelerate the delivery of the Landmark Waterview apartment project thus enhances the residential game within our mixed-use ecosystem while having a multiplier effect on existing business, leisure and lifestyle service offerings, and will also contribute to align our capital structure with our long-term strategic objectives,” Mr. Onwuanibe added.
Nigeria remains one of the key markets for Shelter Afrique. In addition to the deal with Landmark Africa, the company has so far extended lines of credit to another Lagos-based property company, Mixta Africa ($19.5m) and Wema Bank ($10m) , this year only.
Shelter Africa SA. M.Kingsley Muwowo