Tier 1 real estate and property development company, Landmark Africa, has officially confirmed securing a $24 million funding from Shelter Afrique, a Pan-African housing development financier.
Group CEO and Managing Director, Landmark Africa Group, Paul Onwuanibe, confirmed the development in a tweet sequel to hosting the Chief Executive Officer of Shelter Afrique, Theirno Habib Hann in Lagos.
He said the $24 million (₦10 billion) commercial loan is to partly finance the construction of mixed-use housing project, Landmark Waterview Apartments, and to refinance the company’s existing debt.
He said: “I hosted the Chief Executive Officer of Shelter Afrique, Theirno Habib Hann within the Landmark Ecosystem and some areas highlighted for possible future collaboration included climate/green finance, job creation in the value chain, and innovative solutions in real estate finance.”
The seven-year line of credit with a moratorium of 36 months has been structured to partly finance the construction of a mixed-use housing project, Landmark Waterview Apartments and refinance its existing debt.
In November last year, then acting Managing Director of Shelter Afrique, Kingsley Muwowo, who first broke the news had said “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.”
“We remain committed to financing 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 deal, 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. 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.
