RMB to fund USD182m property development in Nigeria

Rand Merchant Bank (RMB) has committed to jointly fund a major $182m A-grade office development in Lagos‚ Nigeria‚ the bank said on Wednesday.

The Wings Oando Development‚ consisting of two high-rise office towers‚ and located on Victoria Island‚ between Lagos Island and the Lekki Peninsula‚ saw the first ground turned at a ceremony in Lagos today.

RMB‚ together with another funder‚ has committed to $100m development and long-term debt funding for the 25‚500m² office development. Each of the two office towers will offer space of over 12‚000m²‚ one of which will be let to Oando‚ the largest indigenous oil company in Nigeria.

“Providing debt funding for the Wings Oando Development is part of RMB’s ongoing strategy of working closely with local and international clients to provide financial solutions for real estate projects across sub-Saharan Africa‚” said RMB Real Estate Investment Banking head Simon Fifield.

“Over the past three years‚ we have funded more than 10 high profile property developments in six sub-Saharan countries‚ with a total commitment of over $200-million. Our expertise in Africa and knowledge of local real estate markets means we have been presented with many further opportunities‚” he said.

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