• Sunday, July 14, 2024
businessday logo


FCMB Capital backs Nigeria’s first green building with US$65m structured debt


FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, is throwing its financial weight behind Nigeria’s first green building by providing a structured debt of US$65 million for its construction.

FCMB Capital is the sole financial adviser and arranger of US$65 million structured debt finance for the world class, eco-friendly green building known as Heritage Place situated off Kingsway Road, Ikoyi, Lagos.

A statement on this subject matter made available to BusinessDay disclosed First City Monument Bank Limited, a member of the FCMB Group, was the lender to the project which was sponsored by First Concept and Properties Limited, a Nigerian special purpose vehicle (SPV) led by Actis, a leading private equity real estate investor in sub-Saharan Africa.

The Heritage Place, which is to rise 14 floors, is just minutes away from Victoria Island—the Central Business District in Lagos, and also the most vibrant social venues in the city. It is set to become Nigeria’s first truly green building and will provide over 15,730 square metres of office accommodation and ample parking space.

FCMB explained in the statement that its involvement in the construction of the 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.

Tolu Osinibi, FCMB Capital Markets’ executive director, said “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”.

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. The iconic design, prestigious address and bar-raising specification set a new standard for Nigeria’s architecture.

The landmark development is to be equipped with state-of-the-art finishes and facilities such as ample car parking facility, raised floors and suspended ceilings, high space efficiency, reception area, meeting rooms, café/ coffee shop and a plaza.

Some of the environment-friendly approaches adopted in the construction of the complex include water recycling and re-use, automatic presence detectors and high efficiency lighting, building orientation to maximize natural light and ventilation and high efficiency glazing and external thermal envelope. The building promises 30-40 percent reduction in energy use compared to that of other buildings in Lagos.

FCMB Capital Markets Limited is an adviser of choice to Nigeria’s leading companies and public institutions, and has been involved in landmark transactions, in Nigeria, over the past three decades. They provide comprehensive advisory services, combining innovative advice and proven execution skills, to domestic and multinational clients.

Their services include financial advisory; debt and equity capital raising including initial public offerings; mergers and acquisitions; project and structured finance. They design and structure customized financing solutions from origination, structuring and execution of structured debt through to syndication.

Chuka Uroko