The workshop was organized jointly by Shelter Afrique and FMO and was aimed to build capacity for African Developers involved in Housing Development. The workshop was well attended by all the stake holders in the industry and came up with very valuable recommendations.
Nairobi, 31st October 2012 – The Government of Ghana has made an additional payment of US$3.14 million on account of the institution’s capital subscription. With this payment, Ghana now becomes the second largest Member State Shareholder of Shelter Afrique with 11.26% shareholding.
Ghana became Shelter Afrique’s 43rd Member State Shareholder in 2011. The increase in capital subscription is a clear demonstration of the country’s support and confidence in Shelter Afrique’s objectives. The institution will leverage on the increased capital base to expand its investments in Ghana and the continent in general.
Within the short time that Ghana has been a shareholder, Shelter Afrique’s Board of Directors has approved investments valued at US$ 17.7 million. Out of this, US$ 4 million will go towards construction of 116 housing units and associated infrastructure while US$ 13.7 million is aimed at mortgage origination which will see over 140 Ghanaian families access long term mortgages. A pipeline of more investment opportunities and housing schemes are currently under review and it is hoped that, upon conclusion, these investments will go a long way in addressing the housing gap evident in the Ghanaian housing market.
Shelter Afrique’s management applauds the support from the People of Ghana.
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.
Nairobi, Kenya 09th October, 2012 – SHELTER AFRIQUE and CHIEDO DEVELOPERS LTD have signed a KShs 205 million loan agreement. The funds are earmarked to co-finance a furnished housing development, Lake Breeze Apartments, comprising forty-eight (48) nos 1 & 2 bedroom units in Kisumu, KENYA.
Chiedo Developers Ltd (CDL) is a special purpose vehicle company incorporated on 13th October, 2009 to carry out real estate development. Its shareholding comprises family members’ intent on venturing into the Kenya real estate market in a bid to contribute towards meeting the housing deficit in the country.
Nairobi, Kenya, 9th October 2012 – Shelter Afrique and Ujenge Rwanda Ltd have signed a USD 6,500,000 loan agreement. The funds are earmarked to co-finance the development of Palm Estate in Kigali, Rwanda.
The signing ceremony took place on 9th October 2012 at Shelter-Afrique Centre, Nairobi. Shelter Afrique was represented by its Managing Director, Mr. Alassane Bâ and Ujenge Rwanda Ltd was represented by its Managing Director Mr. Patrick Sebatigita.
The Palm Estate Project, estimated to cost USD 12.6 million will be co-financed by Ecobank Rwanda. The development entails the construction of three blocks of apartments comprising of 168 units for outright sale as well as commercial and entertainment facilities for rental.
Ujenge Limited was established in Kigali, Rwanda, on May 2008. The company is involved in Management, Architectural and Technical design and construction operations. As part of its growth strategy, Ujenge is now engaged in Property Development, and the current Palm Estate Project is among the company’s initiatives in this respect.
Nairobi, Kenya 27th July 2012 – SHELTER AFRIQUE and MPICO MALLS LTD have signed a South African Rand 50 million (ZAR 50 m) loan agreement. The funds are earmarked to co-finance the development of an ultra modern shopping mall, The Gateway Mall, and related infrastructure for leasing. The project is located in Lilongwe, MALAWI.
MPICO Malls Limited (MML) was incorporated in February 2010 as a special purpose vehicle (SPV) for the development of the proposed Mall. Its majority shareholder is Malawi Property Investment Company Ltd (MPICO), the biggest property investment company in Malawi.
Nairobi, Kenya 27th July 2012 – SHELTER AFRIQUE and MPICO MALLS LTD have signed a South African Rand 50 million (ZAR 50 m) loan agreement. The funds are earmarked to co-finance the development of an ultra modern shopping mall, The Gateway Mall, and related infrastructure for leasing. The project is located in Lilongwe, MALAWI.
MPICO Malls Limited (MML) was incorporated in February 2010 as a special purpose vehicle (SPV) for the development of the proposed Mall. Its majority shareholder is Malawi Property Investment Company Ltd (MPICO), the biggest property investment company in Malawi.
The signing ceremony took place on 12th July 2012 at Shelter-Afrique Centre, Nairobi. Shelter Afrique was represented by its Managing Director, Mr. Alassane Ba and Makao Mashinani Ltd (Makao) was represented by its Managing Director Mr. Aleke Dodo and Director Jane Weru.
The loan of Kshs 40 million to Makao, approved by the Board of Shelter Afrique in June 2012, represents the first facility to support low cost/social housing initiatives in Kenya. The loan will be used to support social housing initiatives through individual housing micro loans. An estimated 2,000 households are expected to benefit from this facility through provision of decent housing.
Shelter Afrique’s interest in the social housing echoes increasing interest in this sector from the public and private sectors across Africa and from international donors. There is a broad understanding of the large unmet demand for social housing and inadequate finance for this market. Shelter Afrique’s involvement in the middle income housing segment is an asset, placing its social housing programme as part of its larger holistic efforts to expand the supply of housing and strengthen housing markets throughout Africa.
Kenya remains one of the largest and most viable markets for social housing in East Africa. Affordable housing remains one of the key challenges in infrastructure and basic human needs, particularly in rapidly urbanizing cities and peri-urban areas. Kenya has high social housing market potential due to the high level of government support and buy-in, and ongoing commitments to promote social housing across the public and private sectors.
Speaking during the signing, Mr. Bâ noted that this is a great opportunity for Shelter Afrique to be engaged in the provision of low cost housing initiatives. Shelter Afrique has identified social housing as a strategic priority and is interested in expanding its market and products to social housing suppliers and micro housing finance providers. He stated that the facility fits well into Shelter-Afrique’s strategy of supporting and partnering with likeminded institutions looking for creative ways to finance lower end housing segment. Kenya provides the necessary enabling environment for a successful pilot of Shelter Afrique social housing programme, particularly owing to its strong developer industry, housing finance system and commitment of the national government. He emphasized that the loan had been provided at concessionary rates and this should trickle down to end beneficiaries in terms of reduced funding cost. He appealed to other African institutions to partner with Shelter Afrique to help deliver low cost housing.
On her part, Ms. Jane Weru reiterated that Kenya faces a huge challenge in terms of social housing supply deficit. She thanked Shelter-Afrique for the facility and hoped the partnership will last for long and yield good fruits to enable low income people have decent shelter.
Makao Mashinani Ltd is a for-profit Housing Microfinance company with a strong social mission. Makao provides secure livelihoods and wealth-creating financial services throughout affordable housing value chains that produce a positive impact in form of shelter to landless poor urban residents. It has an innovative approach to supporting economically active urban poor residents of slums and informal settlements realize their dreams of living in decent houses. Makao finances housing activities ranging from land acquisition, construction of houses, housing infrastructure and technical assistance on low-cost housing
Given that 90% of Kenyans cannot afford developer-built housing in its current form, Shelter Afrique has opted for supporting institutions that reach low-income populations through self-built and incremental building solutions, such as Makao Mashinani Limited.
Dar-es-Salaam, Tanzania 2ndJuly 2012 – SHELTER AFRIQUE and the NATIONAL HOUSING CORPORATION (NHC) in Tanzania have signed a US$ 14.5 million loan agreement. This is the largest facility in SHELTER AFRIQUE history to a single a borrower and is marking our commitment to continue supporting initiatives of stakeholders in the housing sector to deliver affordable units to the lower and middle income segment which is often overlooked and underserved.
The facility is earmarked to support the NATIONAL HOUSING CORPORATION strategy envisaged to construct a minimum of 15,000 low and medium class houses for sale and rental by June 2015. The partnership between SHELTER AFRIQUE and the NATIONAL HOUSING CORPORATION is a win-win situation and is creating a high momentum for both institutions to realize delivery of housing to the Tanzanian people.
During the ceremony NHC also signed facilities with various local lenders of about 145 Billion Tanzania Shillings equivalent to US$ 85 million. The facilities from the local banks are for both construction of residential units and mortgage loans to off takers. Total loans signed amounted to 165 billion Tanzania Shillings equivalent to US$ 100 million. This is the largest syndication of loans ever to a real estate institution in Tanzania.
Various Speakers urged NHC to utilize the facilities to construct affordable housing to the low and middle income groups. Shelter Afrique Managing Director Alassane BA said” “We urge NHC to ensure that houses are affordable to low and middle-income earners; we want our entire loan to be directed in constructing affordable houses,”
Speaking during the signing ceremony in Dar es Salaam, the Minister for Lands, Housing and Human Settlement Development, Prof Anna Tibaijuka urged NHC to ensure the houses to be constructed would be affordable to low and middle-income earners.
The ceremony was graced by the Honorable Minister for Lands, Housing and Human Settlement Development, Prof Anna Tibaijuka, NHC Board Members, Tanzania Bankers Association and local banks such as CRDB Bank, National Microfinance Bank (NMB), Ecobank, Azania Bank as well as Banc ABC and Commercial Bank of Africa (CBA). Tanzania Investment Bank (TIB), a development bank and a pension fund, Local Authorities Pension Fund
Nairobi Kenya, 15th June, 2012– SHELTER AFRIQUE and OAKPARK ATHI RIVER LTD have signed a KES 376 million loan agreement. The funds are earmarked to co-finance the development of Pine City Phase 2 comprising 60 Nos. maisonettes and related infrastructure for outright sale to the public. The project is located in Athi River, Kenya. Oakpark Athi River Ltd was incorporated in 2009. The principal shareholders have a wealth of experience in real estate and have benefited from Shelter Afrique’s partnership in three other real estate developments.
