Business & Financial News

CONTACTS: +254 726879488 (Mobile)

                         +254770 455 116 (Office)

The African Development Bank has named 2020 the worst economic year in the last fifty in Africa. Largely as a result of the pandemic, real GDP on the continent contracted by 2.1% in 2020, with more than half of all countries on the continent suffering negative GDP growth rates, many in excess of -5% (Madagascar fared the worst with a GDP growth rate of -32%). GDP per capita is particularly low throughout East, Central, and West Africa. Calculating the number of people living on less than US$1.90 a day, the AfDB estimates that about 30 million Africans fell into extreme poverty in 2020. Worst-case estimates suggest that in 2021, 34.4% of Africans could be in extreme poverty, versus pre-COVID estimates of about 31.5% – an increase of about 38.7 million people.
ConstructionInvestment

Shelter Afrique approves USD24 million housing loan to Landmark Africa

The facility will partly finance the construction of mixed-used housing project, Landmark Waterview Apartments and refinance its existing debt .

By Steve UMIDHA

By Isaac OGANGA

Pan-African housing development financier Shelter Afrique has approved a USD24.03 million (₦10 billion) commercial loan to Lagos-based Tier 1 real estate and property development firm, Landmark Africa.

The 7-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.

“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,” Shelter Afrique Ag. Managing Director Kingsley Muwowo said.

“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.

Mixed-use destinations

Commenting on the deal, Landmark Africa Chief Executive Officer, Mr. 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,” Mr. Onwuanibe added.

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 (USD19.5 million) and Wema Bank (USD10 million), this year alone.

Steve UMIDHA 4584 posts 1 comments

Steven Umidha is a data and financial journalist with over 14 years of work experience in journalism and communication.

He specialises in finance and economics reporting as well as on the causes, impacts, and solutions of global warming, conservation, pollution and sustainability, often blending scientific literacy with journalist ethics, while involving policy analysis and multimedia storytelling across various platforms in highlighting issues from biodiversity loss to ecological justice.

Besides being the Founder of Financial Fortune Media, Umidha has previously worked with the Standard Media Group, Mediamax Networks LTD, bird story agency, Business Journal Africa, and Financial Post among other outlets.

Email: info@financialfortunemedia.com

You might also like More from author
Leave A Reply

Your email address will not be published.