By Modupe Gbadeyanka
A housing loan worth $24 million has been secured by a Lagos-based real estate firm, Landmark Africa, to finance the construction of a mixed-used housing project, Landmark Waterview Apartments.
The credit facility to be repaid in seven years but with a three-year moratorium was obtained by the Nigerian company from Shelter Afrique. It would also be used to refinance the property development firm’s existing debt.
“The Landmark Africa vision is to create one-stop destinations which embody the business, leisure and lifestyle philosophy,” the chief executive of Landmark Africa, Mr Paul Onwuanibe, said.
“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,” he added.
Also commenting, the acting Managing Director of Shelter Afrique, Mr Kingsley Muwowo, stated that, “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.”
Nigeria remains one of the key markets for Shelter Afrique. In addition to the Landmark Africa deal, the company has so far extended lines of credit to another Lagos-based real estate firm, Mixta Africa ($19.5 million) and Wema Bank ($10 million), this year alone.