Business

NIGERIA: FCMB Capital Market Finances $65m Property

FCMB Capital Markets Limited, the investment banking subsidiary of the First City Monument Bank Group Plc has said it acted as the sole financial adviser and arranger of $65 million structured debt financing for the Heritage Place property.
 
The firm explained in a statement that it was the lender to the project, which was sponsored by First Concept & Properties Limited, a Nigerian SPV that is led by Actis.
 
The Heritage Place, which is located in Ikoyi, Lagos, is just minutes away from the  heart of the business districts of Lagos and Victoria Islands.
 
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.
 
“We are particularly proud to be associated with this project as it aligns with our environmental sustainability principles and adopts cutting edge technology to fulfill not just today’s environmental expectations, but also that of the future’’, the financial institution added.
 
Also speaking, the Executive Director, at FCMB Capital Markets, Mr. Tolu Osinibi said: “We are excited to be theFinancial Adviser and Arranger for The Heritage Place, because the building will set the bench mark for office accommodation in Nigeria.”
 
The Heritage Place is the first commercial building to achieve the Leadership in Energy & Environmental Design (LEED) certification in both design and construction in Nigeria.

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