Shelter Afrique approves additional $13M for Nigeria real estate firm

shelter

Nigerian real estate firm Mixta Africa has secured $13 million (Ksh 1.6B) from Shelter Afrique for the construction of housing projects in Côte d’Ivoire, Senegal and Morocco.

The 5-year facility with a moratorium of 24 months loan will co-finance the construction of 356 housing units in Côte d’Ivoire, 162 units in Senegal, and 371 units in Morocco, with selling prices varying from $26,000 in Morocco, $45,000 in Ivory Coast, and between $36,000 and $52,000 in Senegal.

“We have therefore structured both the Naira and Dollar denominated credit facilities to support their real estate projects. The Naira loans which is supported by the First series of the ₦500 billion bond which raised ₦46 billion, will support Mixta Africa’s projects in Nigeria to guards against forex risks. The Dollar ticket, which is from our own capital resources, will support Mixta’s projects in Morocco, Senegal and Côte d’Ivoire,” said Kingsley Muwowo, Shelter Afrique Acting Managing Director.

Mixta Africa Executive Director and Chief Financial Officer Benson Ajayi commended Shelter Afrique for expanding financing option for the real estate sector, adding the strategy deployed by pan-African lender to raise fund for housing projects from regional local currency bonds was laudable.

“We have been looking for such kind of strategy from DFI’s who purport to support us. That Shelter Afrique has been able to do this is really big for us and is what makes this transaction important and successful,” said Ajayi.

Muwowo disclosed that out of the $110 million realized from the Naira denominated bond debut in April, more than $50 million had already been disbursed to finance projects in Nigeria.

  

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