Nigeria’s leading property developers secures $20 million funding from Vantage Capital, one of the largest fund manager in Africa. Vantage Capital made the announcement on Wednesday.
“We look forward to partnering with Landmark as they develop a world class mixed-use precinct in Victoria Island,” said Vantage Capital Chief Operating Officer, Warren van der Merwe. “We were impressed by the quality of the office buildings, and restaurants they have completed to date in Nigeria,” he said stating that his company has provided $20 million to Landmark.
The Landmark investment is Vantage Capital’s second transaction in Fund III, which is targeting a final closing of $260 million (R4 billion), and has a 60% allocation to countries outside South Africa.
A Namibian and a South African transaction are expected to close during the first half of 2016 for a further aggregate investment of over $22m (R330m).
Nigeria’s real estate giant headquartered in Lagos in Nigeria has so far developed or managed over 130,000 m2 of prime real estate across the continent.
“We are excited to have Vantage partner with us on our journey to achieving the $5 billion valuation mark over the next decade,” said Paul Onwuanibe, CEO of Landmark speaking about the partnership of the two sides.
“Our 19 year global and African real estate experience has keenly sharpened our insight in forging strategic alignments; especially in Africa. We are convinced the advent of Vantage will portend a marked acceleration towards achieving our goals and rewriting the African story,” Mr. Onwuanibe said.
Among the major constructions of Landmark are a-Grade offices for over 100 corporate clients including the Nigerian headquarters for Price Water house Coopers and Procter & Gamble, according to the joint press statement of the two companies.
Currently the company is building Landmark Village, which will be an iconic “Live, Work, Play” mixed-use development with breath-taking sea views in the exclusive area of Victoria Island.
This type of transaction perfectly illustrates Vintage Capital’s investment strategy of supporting strong management teams of Pan-African businesses, according to Johnny Jones, Associate Partner at Vantage Capital.