A Lagos-based real estate company, Mixta Real Estate PLC has been granted a Ksh1.6 billion loan from Pan-African housing development financier Shelter Afrique for three housing projects.
The 5-year facility will be used to fund Mixta Real Estate PLC’s ongoing construction projects in Morocco, Senegal, and Côte d’Ivoire.
Read: Shelter Afrique Eyes Sovereign Lending Market
With selling prices ranging from Ksh3.1 million ($26,000) in Morocco to Ksh5.5 million ($45,000) in the Ivory Coast, and between Ksh4.4 million and Ksh6.3 million ($36,000 and $52,000) in Senegal, the facility will co-finance the construction of 356 housing units in Côte d’Ivoire, 162 units in Senegal, and 371 units in Morocco.
Kingsley Muwowo, managing director of Shelter Afrique, commended the two organizations’ long-standing relationship while speaking at a signing ceremony in Nairobi.
“We have therefore structured both the Naira and Dollar denominated credit facilities to support their real estate projects. The Naira loans which are supported by the First series of the ₦500 billion bonds which raised ₦46 billion, will support Mixta Africa’s projects in Nigeria to guard against forex risks,” Muwowo said.
To address the housing shortage, the financier of housing has been increasing its investment in the nation with the highest population in Africa with over 200 million people.
In the recent past, Shelter Afrique ramped up its activities in DRC by actively pursuing large-scale, low-cost housing projects through public-private partnerships and equity investments.
Read: Shelter Afrique Extends Ksh2B Loan To MSD For Housing Projects In DRC
Recently, Shelter Afrique also approved a line of credit worth USD 11.4 million to a financial institution to finance 285 mortgages in the country. Other projects so far financed by Shelter Afrique in the DRC include Devimco’s 7-floor office building for rental purposes, La Tradition, Le Concorde, L’Ambassadeur; Azda; and a 10-storey building in Kinshasa developed by ELOLO SPRL.
