Mixta Africa, one of Africa’s major real estate firms, has secured development financing of N8 billion from pan-African finance institution, Shelter Afrique, which exclusively supports the development of housing and real estate sector in the continent. The funding will enable Mixta to expand the delivery of affordable housing in Nigeria.
The company is executing the 1000-unit Marula Park project, a family-friendly, gated community consisting blocks of 1, 2- and 3-bedroom apartments. It is located within the Lagos New Town district, off 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 Beechwood Park project achieved in 2018. Beechwood Park consists of over 600 units of bungalows and terrace housessold under mortgage plans and at affordable rates for low to middle income Nigerians.
Mixta Africa’s Country Manager, Mrs Sade Hughes said: “With the funding from Shelter Afrique, we plan to build the Marula Park project faster, thereby ensuring a quick turnaround time for our clients. 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, Mixta Africa’s Executive Director/Chief Financial Officer, Mr Benson Ajayi 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. 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 Shelter Afrique to deliver on its affordable housing mandate across Africa”.
The new funding is coming on the heels of the successful execution of the US$13 million housing loan agreement secured for the development of over 800 low to middle-income housing units in Morocco, Côte d’Ivoire and Senegal by Mixta Africa.
Lagos New Town has become a burgeoning community with state-of-the-art infrastructure and amenities. Over the last decade, the company has steadily increased its investment in the district to adequately support the planned population of at least 200,000 residents upon completion. Projects already completed include the Lakowe Golf and Country Estates, Adiva Plainfields Estate and Beechwood Estate,
Mixta Africa is a subsidiary of ARM. It was recently awarded the Great Place to Work Silver, Best High-End-Real Estate Company by African Property Investment Awards and Fastest Growing Real Estate Developer in Africa 2021 by Global Brands Magazine.