• Home
  • News
  • Real Estate
  • Housing
  • Properties
  • Videos
  • Photo News
  • Magazine
  • Opinion
  • Advertise
  • Properties
Sunday, May 28, 2023
Viewpoint Housing News

ISSN:2734-3375

  • Home
  • News
  • Real Estate
  • Housing
  • Properties
  • Videos
  • Photo News
  • Magazine
  • Opinion
  • Advertise
  • Properties
No Result
View All Result
  • Home
  • News
  • Real Estate
  • Housing
  • Properties
  • Videos
  • Photo News
  • Magazine
  • Opinion
  • Advertise
  • Properties
No Result
View All Result
Viewpoint Housing News
No Result
View All Result
Home Africa

Shelter Afrique Approves USD19.5 Million For Nigerian Real Estate Firm

viewpoint by viewpoint
September 21, 2022
in Africa, Housing, Feature
0 0
0
Shelter Afrique partners World Bank to address affordable housing crisis
0
SHARES
21
VIEWS
Share on FacebookShare on Twitter
Gabriel Enenche —

Pan-African housing development financier, Shelter Afrique has extended a USD19.5 million line of credit to Lagos-based real estate firm Mixta Real Estate PLC.

According to Shelter Afrique, the 7-year facility with a moratorium of 24 months has been structured to co-finance Mixta’s affordable residential projects investments and for debt refinancing.

Related posts:

:Mixta Africa To Showcase Nigerian Homes At Its Roadshow

:Nigeria Requires Robust Strategy in Tackling Housing Deficit — Hughes

Of the amount, USD9.75 will be used to co-finance 1,171 affordable housing units comprising the ongoing Beechwood Park project (187 units) and New Marula projects (984 units).

The other USD9.75 will be used to repay part of Mixta’s 7-month Commercial Papers raised from the capital market in a bid to reduce the aggregate Commercial Papers.

“The deal with Mixta Real Estate PLC is appealing to us because in addition to addressing the development of affordable it also it stimulates rapid growth in housing provision, re-invigorates the development of the mortgage industry, as well as incorporating a sustainable development finance solution that makes the sector attractive to financiers,” Shelter Afrique Ag. Managing Director Kingsley Muwowo said.

Commenting on the deal, Mixta Africa, Executive Director and Chief Financial Officer Benson Ajayi said enabling access to housing and home ownership at affordable prices is the company’s main priority.

“The funding from Shelter Afrique is a validation of Mixta Africa’s housing and infrastructure development credentials. We are pleased to receive this funding approval after a rigorous due diligence process. In addition to accelerating the delivery of sustainable and affordable housing, the transaction will also strengthen the company’s funding status. The Company is delighted about the support of Shelter Afrique and looks forward to working with Shelter Afrique to deliver on its affordable housing mandate across Africa,” Ajayi said.

Shelter Afrique has had a long-term relationship with Mixta Africa dating back to 2014, when the Company extended USD 6 million to Mixta (formerly ARM Properties PLC) to co-finance the development of 13 blocks comprising 130 apartments and related infrastructures services for outright sale to the public. The project was successfully completed, and the loan full paid back.

In March 2021, Shelter Afrique Board of Directors approved a corporate loan in the form of a line of credit of USD 13 million in favour of Mixta. The 5- year facility was to be on-lent to Mixta’s Real Estate Development affiliates to fund the Group’s current real estate portfolio composed of three key housing developments programs of 889 low to middle housing units in Morocco (371 units), in Senegal (162 units) and in Ivory Coast (356 housing units).

“We are jointly reviewing a few terms and conditions of this facility at the moment, and loan agreements between the two parties is expected will be signed soon,”Muwowo said.

The facility is expected to directly impact over 1,171 families, provide accommodation for over 4,684 people (average size of households in Lagos is 3.8) and create at least 2,342 jobs.

In a related story, Nigeria recently paid US$7.15 million to acquire a larger stake in Shelter Afrique.

In June 2022, The Exchange Africa reported that Shelter Afrique had acquired further capital contribution from the Federal government of Nigeria.

The newly acquired stock brought Nigeria’s total shareholding up to 15.8 per cent, putting it one percentage point behind the top shareholder, Kenya, whose holdings currently amount to 16.85 per cent. African Development Bank (AfDB), which now stands at 12.16 per cent down from 12.71 per cent, Mali at 5.3 per cent down from 5.54 per cent, and Ghana at 5.05 per cent down from 5.28 per cent are the other top three owners in Shelter Afrique, whose shareholdings have now changed.

Muwowo praised the Nigerian government for its vote of confidence in the organisation. He went on to say that the move puts When Nigeria has fulfilled all of its capital obligations, the government will be in an excellent position to take over as the majority shareholder in Shelter-Afrique.

Tags: Shelter AfriqueMixta AfricaMixta Real Estate
Previous Post

NBRRI To Investigate Building Collapse In Buruku, Plateau State

Next Post

Buhari Prioritizes Completion Of Second Niger Bridge -- Fashola

viewpoint

viewpoint

Related Posts

The Nigerian Housing Sector Is In Comatose — Osilama Insists
News

The Nigerian Housing Sector Is In Comatose — Osilama Insists

May 27, 2023
Viewpoint Housing Congratulates New FMBN Boss
Mortgage

FMBN Inaugurates Housing Projects In Kano State

May 26, 2023
Lagos Sets Aside N5 Billion For State’s Monthly Tenancy Scheme
Housing

Lagos State Govt to Build Houses On Water

May 25, 2023
Federal Housing Authority issues 30-day ultimatum to illegal occupants of Kano estates
News

FG Supportive of Private Property Developers — Ashafa

May 25, 2023
FEMA Reiterates Commitment Against Flood Threats
Feature

Windstorm Destroys 200 Houses In Bauchi State

May 24, 2023
Experts Call On FG To Overhaul Land Registration System
Real Estate

Lagos Based Real Estate Firm Unveils Housing Projects In Abuja

May 24, 2023
Next Post
National Housing: Minister threatens to revoke 3 contracts in Yobe

Buhari Prioritizes Completion Of Second Niger Bridge -- Fashola

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Browse by Category

  • Valuers Viewpoint
  • Magazine
  • Mortgage
  • Africa
  • World
  • News
  • Housing
  • Real Estate
  • Interview
  • Events
  • Feature
  • Opinion
  • Editorial
  • Foreign
  • Uncategorized
  • Photo News
  • Environment
  • Videos
  • Apartment
  • Green
  • Real Estates

Recent News

The Nigerian Housing Sector Is In Comatose — Osilama Insists

The Nigerian Housing Sector Is In Comatose — Osilama Insists

May 27, 2023
Viewpoint Housing Congratulates New FMBN Boss

FMBN Inaugurates Housing Projects In Kano State

May 26, 2023
  • Contact
  • Privacy & Policy
  • About Us
  • Advertise

© 2022 Viewpoint Housing News. All Rights Reserved

No Result
View All Result
  • Home
  • News
  • Real Estate
  • Housing
  • Properties
  • Videos
  • Photo News
  • Magazine
  • Opinion
  • Advertise
  • Properties

© 2022 Viewpoint Housing News. All Rights Reserved

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In