LAGOS, Nigeria, Sept. 01, 2017 (GLOBE NEWSWIRE) -- Femab Properties Limited announces that it has entered into a binding commitment letter with Milost Global Inc under the Mesa Fund 1, a global opportunity fund that is managed by Milost Global Inc. This is for the previously announced $500 million financing facility with Milost. The financing was arranged and negotiated by a team led by Femi Bello of Mayo BV.
Abiodun Aguda, CEO of Femab Properties Limited, stated, “The signing of this commitment letter today September 1, 2017 represents a watershed in the history of real estate development, servicing, management and financing in Nigeria and in Africa as a whole.”
"With this epoch making and historic signing, Femab Properties Ltd is not only set on course to commence the completion of all ongoing projects, while developing new ones, but is also buoyed to undertake the execution of various strategic plans that will make us the biggest and rated real estate company in Africa by the year 2025.’’
"This partnership with Milost Global Inc will help Femab Properties bridge the perennial gap in the provision of affordable hostel accommodation in tertiary institutions across the length and breadth of Nigeria and beyond.’’
"This also set the tone for the attainment of our long standing vision of becoming a household name and a dominant force in the real estate industry. We have no doubt that signing an agreement of this value with a renowned company as Milost Global offers a veritable springboard for attaining the global excellence we long craved.’’
CFO of Femab Properties, Mr. Adeyemi Gafar also stated, "The facility would help femab to achieve both its short and long terms objectives and set a new path for housing and infrastructure deliveries across Nigeria in particular and Africa in general. With Milost’s partnership, it is certain that Femab Properties Ltd will gain the significant share of the infrastructural market in Nigeria which currently has a deficit of about 17 million in housing units.’’
"Femab has a huge portfolio of projects within the public and private sectors which will yield high returns upon execution to upscale our net assets and improve shareholder value. We are particularly happy and grateful to Milost Global for the trust reposed in us.’’
Senior Partner & CIO of Milost Global, Dr James S. Kuo, stated, "We are glad to provide the financing for Femab Properties, whom we believe is poised for significant growth in the real estate sector in Nigeria.”
Mandla J. Gwadiso, the Managing Partner & CEO of Milost Global Inc, also stated, “We look for growth companies that have a compelling story for the market, such that our resources would help to turbocharge the trajectory and it is the case with Femab."
The Country Representative of Milost Global Inc in Nigeria and the Chief Executive Officer of Mayo BV, Mr. Femi Bello, the consulting outfit that packaged the deal, also stated: "The approval of the facility for Femab Properties Ltd is a welcome development in Nigeria. It will help address the huge infrastructural gap presently obtainable in the housing and the educational sectors in Nigeria. The challenge of Nigerian tertiary institutions may well be over with the approval of this facility.’’
"It will also impact positively at reducing the gap in the housing sector.’’
About Femab Properties Limited
FEMAB PROPERTIES LIMITED is a limited liability company incorporated in the year 2000 under the Companies Act of 1990 with RC Number 39118. The company is into real estate consultancy such as Civil & Engineering Construction, Property Management, Property Sales, Letting and Estate Development.
FEMAB PROPERTIES LIMITED being a dynamic company with seasoned professionals single handedly executed the Dream Home Estate project 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, Shell Coop – East Estate at Lekki Phase 1 and some federal and state government mass housing projects.
The company operates subsidiaries in Blockmaking, Haulage and Logistics and Quarry with strategic partnership with 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
About Mayo BV
Mayo BV as a creative, value driven financial services provider plays around a network of funding platforms that deliver seamless solutions to funding and investment needs of high growth private sector firms and government owned corporations.
We provide a fulcrum upon which the plank of business ideas and creativities swing to provide the lift over economic hurdles and financial barriers to yield business mission-critical results.
Mayo BV is at the centre of financial universe around which revolves a galaxy of financial solutions: fund raising, financial advisory services.