NEW YORK, Aug. 28, 2017 (GLOBE NEWSWIRE) -- Femab Properties Limited, a Lagos based property development and investment company, announced today that it has signed a financing term sheet of USD$500 million with Milost Global Inc, a New York based Private Equity Giant. This is a working capital and development facility for the company which is being provided as a combo of Debt and Equity, of which $200 million will be an equity facility and $300 million will be debt facility. Both the company and the investor are expected to sign a commitment letter by August 30. This is provided for Femab to focus on the development of its current project, which Milost found very attractive.
‘’This is the genesis of our investment in Nigeria, Africa’s number one fastest growing economies. This being the first transaction for Milost Global in Nigeria, we look forward to ensuring that it becomes a foundation from which our Nigerian growth testament will be written and more importantly, we intend to ensure that Femab is well supported in its plans to becoming the biggest Real Estate Development and Investment Company in West Africa by 2025,” stated Egerton Forster, CEO of Milost Global.
The Chief Executive Officer of Femab Properties Limited, Abiodun Aguda, stated that the Milost Global facility will provide the springboard from which the company will launch its lofty vision of expanding its real estate footprint outside of Nigeria in the provision of environmentally sustainable, affordable mass housing for the teeming population of Nigerians whilst realizing its focal strategy of being a true pan African real estate development firm. While thanking Milost Global Inc for this great partnership, he equally expressed his gratitude to MAYO BV, the Financial Consulting outfit that assisted us in packaging the project.
About THE PROJECT
Hostel accommodation for students had been in short supply across the tertiary institutions (Universities, Polytechnics, Monotechnics, Colleges of Education etc.) in Nigeria. To fill this huge infrastructural gap, Femab Properties Limited has entered into multiple Build, Operate and Transfer concession agreements with some selected Public and Private Nigerian Universities for a period of 25 – 30 years. In addition, the provision of this funding will significantly assist Femab Properties Limited on various mass housing agreements signed with different Governmental and Private Institutions within and outside of Nigeria.
About FEMAB PROPERTIES LIMITED
Femab Properties Limited is a limited liability company incorporated in the year 2000. The company is into full range of real estate development and allied services such as Technical Consulting, Civil & Engineering Construction, Projects Management, Facilities Management, Property Sales & Letting and Estate Development.
Being a dynamic company with seasoned professionals, Femab Properties Limited has single-handedly executed diverse real estate projects, some of which are: Dream Home Estate at Ikorodu, Peninsula Garden Estate at Ogombo - Lekki, Diamond Estate 1 at Sangotedo - Lekki, Lagos. The company is presently coordinating more upscale projects namely; Diamond Estate 2 at Sangotedo – Lekki, Platinum Gate Estate at Alaka – Surulere, Association of Nigerian Physicians in America (ANPA) in addition to federal and state government mass housing projects in Nigeria.
The company operates subsidiaries in Blockmaking, Quarry, Haulage and Logistics and has a strategic partnership with a reputable international Dredging firm. www.femabproperties.com
About MILOST GLOBAL, INC.
Milost Global, Inc. is an American Private Equity firm that is headquartered in New York City. With more than $25 billion in committed capital, Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development. www.milostglobal.com