Shelter Afrique Gives a Nod to KES 1.6 Billion Loan For Nigeria Housing Projects

Pan-African mortgage lender Shelter Afrique has authorized a KES 1.6 billion financing for three housing projects to a Lagos-based real estate firm.

The 5-year loan with a 24-month moratorium will be used to fund Mixta Real Estate PLC’s existing real estate projects in Côte d’Ivoire, Senegal, and Morocco.

The facility will co-finance the construction of 356 housing units in Côte d’Ivoire, 162 units in Senegal, and 371 units in Morocco, with prices ranging from KES 3.1 million ($26,000) in Morocco to Sh5.5 million ($45,000) in Ivory Coast and Sh4.4 million to Sh6.3 million ($36,000 to $52,000) in Senegal.

Shelter Afrique Ag. Managing Director Kingsley Muwowo complimented the two organizations’ solid and long-term collaboration during a signing ceremony in Nairobi. He said “Mixta Africa, Shelter Afrique has a reliable partner that shares a common goal of developing affordable housing across Africa.”

“We have therefore structured both the Naira and Dollar denominated credit facilities to support their real estate projects. The Naira loans, which is supported by the First series of the ₦500 billion bond which raised ₦46 billion, will support Mixta Africa’s projects in Nigeria to guards against forex risks,” Shelter Afrique Ag. Managing Director Kingsley Muwowo.

To overcome the housing deficit, the housing financier has increased its investment in Africa’s most populous country, which has a population of over 200 million people.

“If shelter Afrique came to us with a Dollar proposition, we would have said no, as our past Dollars transaction had its own share of forex challenges. We are, however, confident that the dollar-denominated facility being extended to us by shelter Afrique to finance projects in Morocco, Senegal, and Côte d’Ivoire will not suffer much forex shocks,” Mixta Africa Executive Director and Chief Financial Officer Benson Ajayi.