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Oando's Lagos site secures key RMB funds

04 December 2013, 16:02Okoro Chinedu

Lagos - Rand Merchant Bank (RMB) has committed to jointly fund a major $182 million A- grade office development in Lagos.

RMB, together with an unnamed funder, has committed to $100-million development and long-term debt funding for the 25 500m2 office development. 

Each of the two office towers will offer space of over 12 000m2, one of which will be let to Oando, the largest indigenous oil company in Nigeria.

RMB Real Estate Investment Banking head, Simon Fifield, said providing debt funding for the Wings Oando Development was part of RMB's ongoing strategy of working closely with local and international clients to provide financial solutions for real estate projects across sub-Saharan Africa.

“Over the past three years, we have funded more than ten high profile property developments in six sub-Saharan countries, with a total commitment of over $200-million. Our expertise in Africa and knowledge of local real estate markets means we have been presented with many further opportunities,” he said.

RMB Nigeria Chief Executive, Michael Larbie, said the Lagos project represented the South African firm’s commitment to use its expertise and resources to support landmark projects in Nigeria.

“With the launch of RMB Nigeria, earlier this year, we expect to structure and fund more projects in real estate and, indeed, across other sectors of the Nigerian economy,” added Larbie.

RMB Westport Real Estate Development Fund will develop and manage the Wings Oando project.

 – CAJ News



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