Pan-African housing development financier Shelter Afrique has approved a $24.03 million (₦10 billion) commercial loan to Lagos-based Tier 1 property and property development company, Landmark Africa.
The seven-year line of credit with a 36-month moratorium was structured to partially finance the construction of a mixed-use housing project, Landmark Waterview Apartments and 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 company’s long and successful history with Nigeria,” said Shelter Afrique Ag. Managing Director 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, Landmark Africa CEO, Paul Onwuanibe said, “Landmark Africa’s vision is to create unique destinations that embody the ethos 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 delighted to receive this long-term funding, which will help accelerate the delivery of the Landmark Waterview Apartments project, enhancing residential play within our mixed-use ecosystem while having a multiplier effect on existing service offerings. business, leisure and lifestyle. . It will also help align our capital structure with our long-term strategic objectives,” added Onwuanibe.
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.