Rand Merchant Bank funds US$182 million property development in Nigeria
Rand Merchant Bank (RMB) has committed to jointly fund a major US$182-million A- grade property development in Lagos, Nigeria.
The Wings Oando Development, consisting of two high-rise office towers, and located on Victoria Island, between Lagos Island and the Lekki Peninsula, saw the first ground turned at a ceremony in Lagos on 4th December. RMB, together with another funder, has committed to $100-million development and long-term debt funding for the 25 500m2 office development. Each of the two office towers will offer space of over 12 000m2, one of which will be let to Oando, the largest indigenous oil company in Nigeria. “Providing debt funding for the Wings Oando Development is part of RMB’s ongoing strategy of working closely with local and international clients to provide financial solutions for real estate projects across sub-Saharan Africa,” says RMB Real Estate Investment Banking head Simon Fifield. “Over the past three years, we have funded more than 10 high profile property developments in six sub-Saharan countries, with a total commitment of over $200-million. Our expertise in Africa and knowledge of local real estate markets means we have been presented with many further opportunities.”
“This development represents our commitment to use our expertise and resources to support landmark projects in Nigeria. With the launch of RMB Nigeria, earlier this year, we expect to structure and fund more projects in real estate and, indeed, across other sectors of the Nigerian economy,” says RMB Nigeria chief executive Michael Larbie. Wings Oando will be developed and project managed by RMB Westport Real Estate Development Fund. The building is expected to be completed by March 2016.
For more information contact:
Simon Fifield, Head of Real Estate Investment Banking at Rand Merchant Bank
+27 11 282 1270
+27 83 781 1421