Nairobi, 15th October 2012 – Shelter Afrique Board of Directors held its 96th Meeting in Nairobi Kenya on Monday, 15th October 2012. During the meeting, six transactions with a total loan value of USD 35.5 million were approved:
Nigeria: Coop Property Development Ltd – Loan Approved, USD 7.8 million
The funds will be used to support the construction of 287 housing units and associated infrastructure in Lugbe 1 Extension, Abuja. The project is collaboration between Coop Savings and Loans Ltd, Coop Property Development Ltd and Society for Health Multi-Purpose Co-operative Society, whose members will be the principal off takers. The objective of this project is to deliver affordable housing to the Cooperative Society members who have pulled together resources to achieve a common purpose. Shelter Afrique is proud to be associated with this initiative.
Kenya: Sunset Paradise Apartments Limited-Loan Approved, KSHS 380 million (equivalent USD 4.6 million)
The facility will be used to support Sunset Paradise Apartments Limited to construct 80 units of 2 bedroom and 3 bedroom apartments and related infrastructure services in Shanzu-Serena area, Mombasa Municipality for outright sale to the public.
Kenya: Maha Properties Limited-Loan Approved, KSHS 476 million (equivalent USD 5.8 million)
The facility will be used to support construction of 150 units of four bedroom townhouses and related infrastructure services in Kiambu for sale. The transaction will be co-financed with other lenders including Housing Finance and the Industrial and Commercial Development Corporation (ICDC). The transaction is in line with Shelter Afrique’s strategy of supporting eligible developers through risk sharing arrangements with other financial institutions.
Mozambique: Joint Venture (CAL/SDDL) – Loan Approved, USD 8.5 million
True to its objective of being the leading player in strategic partnership among key stakeholders in the efficient delivery of real estate and other related services in Africa, SHELTER-AFRIQUE is embarking on setting its first foot print in the Mozambican real estate market. The recently approved facility for the development christened, Djuba Project, will go towards co-financing the development of 150 nos 3-br bungalows and related infrastructure in Djuba area, Matola, Mozambique. Going forward, the Company envisions increasing its presence in the country’s housing sector.
Democratic Republic of Congo: Devimco SPRL – Loan Approved, USD 2.7 million
The loan will be used to construct of a 6-storey building comprising of 20 apartments for sale and rental in Kinshasa. Devimco SPRL is a Shelter-Afrique repeat client and has been a key stakeholder in three successful projects co-financed by Shelter-Afrique in DRC namely, “Le Concorde”, “L’Ambassadeur” and “Building Bloc I”.
Ivory Coast: INTERBAT “Résidences Arcades- 4” – Loan Approved, FCFA 3.2 billion (USD 6.1 million)
The funds will be used to develop a residential estate comprising 115 residential units of 4-bedrooms duplex and related infrastructure in Cocody District (Djiby) – Abidjan for outright sale to the public. This project is the first investment of Shelter-Afrique in Ivory Coast since it became a Member State of the Pan-African Housing Finance Institution in June 2012. The project will enable Shelter-Afrique to build capacity of one of the local developers and have a foot print in the biggest economy in the WAEMU (West African Economic and Monetary Union) zone.