• Tuesday, April 16, 2024
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Wemabod completes N50bn bond issuance programme

Real estate has potential to drive economic growth – MD, Wemabod

Wemabod, a Nigerian real estate solutions provider, has completed the signing of its ‘Wemabod Financing SPV Limited N50 billion Bond Issuance Programme’.

The firm said in a recent statement that the N50 billion would be raised in a series, with funding of N4 billion earmarked for the first series.

Yemi Ejidiran, chief executive officer of Wemabod, said the funds would be used to support the development of Unity House at 37 Marina from a commercial rental to a mixed-use property.

“The idea behind the project is to revitalise a historic landmark and promote residential development in the central business district of Lagos State,” he said.

He said having a residential area in the central business district would reduce commuting time, saying the project would birth fresh initiatives that would breathe new life into other central business districts across the country.

“This is a signing ceremony of the funds the Wemabod is trying to raise from the capital market to support the development of Unity House. Unity House is a 31-storey property on 37, Marina, Lagos.

“We are using this as a springboard to commence the regeneration of the central business district. This project is very critical at this point knowing well the policies of the Federal Government which has affected where people work and live,” he said.

“It is critical for investors to take advantage of the opportunity that this development will bring. The benefit is that people can stay close to where they work,” Ejidiran said.

Wemabod said beyond the redevelopment of Unity House, the funds would also be used for the development of a mixed-development property that would house a mall and other recreational facilities in Ikorodu and other identified property at various stages of development in Ikoyi, Lekki Phase I, Ikeja, among others.