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Mixta Africa secures N8bn funding to expand affordable housing delivery

Mixta Africa secures N8bn funding to expand affordable housing delivery

Mixta Africa has secured development financing of N8 billion from Shelter Afrique, the pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa.

According to the company, the funding will enable Mixta to expand the delivery of affordable housing in Nigeria. The Company is currently executing the 1000-unit Marula Park Project.

“With the funding from Shelter Afrique, we plan to build the Marula Park Project faster, thereby ensuring a quick turnaround time for our clients,” Sade Hughes, the country manager said in an interview.

He added, “In addition to affording clients the opportunity to pay for the homes under our standard payment plans, the residential units will also be sold under the Mixta Flex scheme which offers varying mortgage options that allow clients to pay for upwards of 30 years and at interest rates as low as 6 percent”.

Commenting on the transaction, Benson Ajayi, Mixta Africa, ED, and chief financial officer, said “the funding from Shelter Afrique is a validation of Mixta Africa’s housing and infrastructure development credentials. We are pleased to receive this funding approval after a rigorous due diligence process”.

Read also: Mixta Africa creates “Rent to Own Scheme” for accessible, affordable housing

“In addition to accelerating the delivery of sustainable and affordable housing, the transaction will also strengthen the company’s funding status. The Company is delighted about the support of Shelter Afrique and looks forward to working with SHAF to deliver on its affordable housing mandate across Africa”

According to the company, the new funding is coming on the heels of the successful execution of the $13 million housing loan agreement secured for the development of over 800 low to middle-income housing units in Morocco, Ivory Coast, and Senegal by Mixta Africa.

Marula Park is a family-friendly, gated community consisting of blocks of 1, 2- and 3-bedroom apartments. It is located within the Lagos New Town district, off the Lekki-Epe expressway, and is near Lakowe Lakes Golf and Country Estate.

Mixta Africa commenced the development of the affordable housing project right after the successful execution of the Beechwood Park Project achieved in 2018.

Beechwood Park consists of over 600 units of bungalows and terrace houses sold under mortgage plans and at affordable rates for low to middle-income Nigerians.

Projects already completed include the Lakowe Golf and Country Estates, Adiva Plainfields Estate, Beechwood Estate, and a host of other developments.