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FCMB Capital in $65m office complex finance deal

By BusinessNews Staff on March 29, 2014

FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, has announced a finance deal worth $65m of an office complex called the Heritage Place.

A statement by the company on Thursday noted that the deal was in demonstration of its real estate finance expertise, as it would be acting as the sole financial adviser and arranger of $65m structured debt finance for the eco-friendly office complex.

The statement explained that First City Monument Bank Limited was the lender to the project, which was sponsored by First Concept & Properties Limited, a Nigerian SPV that is led by Actis, a leading private equity real estate investor in sub-Saharan Africa.

The Heritage Place, which is strategically located in Ikoyi, is just minutes away from the heart of the business districts of Lagos and Victoria Islands, and is set to become Nigeria’s first truly green building, which will provide over 15,730 square metres of office accommodation.

FCMB explained that its involvement in the construction of the 14 storey ultra-modern building was borne out of the need to bridge the gap of quality office space in Lagos.

The Executive Director, FCMB Capital Markets, Mr. Tolu Osinibi, said, “We are particularly proud to be associated with this project as it aligns with our environmental sustainability principles and adopts cutting edge technology to fulfil not just today’s environmental expectations, but also that of the future.

“We are excited to be the financial adviser and arranger for the Heritage Place, because the building will set the benchmark for office accommodation in Nigeria”.

FCMB Capital Markets Limited is an adviser to Nigeria’s leading companies and public institutions, and has been involved in landmark transactions in Nigeria over the past three decades.

[Punch]

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