NAIROBI, Kenya, Nov 2 – Pan-African housing development financier Shelter Afrique has approved a Sh2.9 billion ($24.03 million) commercial loan to Lagos-based Tier 1 real estate and property development firm, Landmark Africa.
The 7-year loan facility with, a moratorium of 36-months, will partly finance the construction of a mixed-use housing project, Landmark Waterview Apartments as well as refinance its existing debt.
“We are excited to record this significant milestone as the first project we are partnering with Landmark Africa,”Shelter Afrique Ag. Managing Director Kingsley Muwowo said.
“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.
Mixed-use destinations
Commenting on the deal, Landmark Africa Chief Executive Officer Paul Onwuanibe said, “the Landmark Africa vision is to create one stop destinations which embody the business, leisure and lifestyle philosophy.”
“Such innovative undertakings in the real estate sector require a formidable financial partnership and we are pleased to have found such a partner in Shelter Afrique,” he said.
“We are equally pleased to receive this long-term funding, which will help accelerate the delivery of the Landmark Waterview Apartments project thus enhancing the residential play within our mixed-use ecosystem while having a multiplier effect on the existing business, leisure and lifestyle service offerings. It will also help align our capital structure to our long-term strategic goals,” Onwuanibe added.
