FCMB Capital Markets limited, the investment banking subsidiary of FCMB Group Plc, has continued to demonstrate its real estate financing expertise by acting as the sole financial adviser and arranger of $65 million structured debt finance for a world class, eco-friendly office complex called The Heritage Place.
First City Monument Bank Limited was the lender to the project, which was sponsored by First Concept and Properties Limited, a Nigerian SPV that is led by Actis, a leading private equity real estate investor in sub-Saharan Africa.
The Heritage Place, which is strategically located in Ikoyi, Lagos, is just minutes away from the heart of the business districts of Lagos and Victoria Island, and also the most vibrant social venue 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.
In a statement released to BusinessDay, FCMB explained that its involvement in the construction of the 14 storey ultra-modern building is 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.
According to Tolu Osinibi the Executive Director, at FCMB Capital Markets, “we are excited to be the Financial 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 and Environmental Design (LEED) certification in both design and construction in Nigeria.
The landmark development is equipped with all 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 environmental 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 has a 30-40 percent reduction in energy use compared to similar buildings in Lagos.
FCMB Capital Markets Limited is an adviser to Nigeria’s leading companies and public institutions, and has been involved in landmark transactions, in Nigeria, over the past three decades.
Their services include but are not limited to: financial advisory; debt and equity capital raising including initial public offerings; mergers and acquisitions; project and structured finance.
They also design and structure customized financing solutions, from origination, structuring and execution of structured debt through to syndication.
ODINAKA MBONU
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