Smart Residences Limited (SRL), a leading indigenous hospitality firm, has announced the successful redemption of its Series 1 commercial paper and the raise of its Series II commercial paper with a 100% subscription rate.
The Series 1 commercial paper, which was issued on 24 April 2024, was redeemed in full on 16 January 2025, demonstrating SRL’s commitment to meeting its financial obligations.
Building on this success, SRL, the Augusto and DataPro rated firm launched its Series II commercial paper, which was met with overwhelming demand from investors. The issue was fully subscribed, with SRL raising N2.5 billion from the market.
Chief Investment Officer, Dr Saheed Okubena said: ‘FMDQ Exchange is pleased to announce the approval for the quotation of Smart Residences Limited ₦2.46 billion Series 2 Commercial Paper under its ₦2.50 billion Commercial Paper Issuance Programme on its platform’.
Chief Operating Officer of SRL, Aliyu Hassan Aminu, said: ‘We are delighted with the successful redemption of our Series 1 commercial paper and the overwhelming response to our Series II issue.
‘This demonstrates investor confidence in our business strategy and trust in our financial management.
‘Going forward, we shall plough these funds into our diverse portfolio to show that indigenous firms like ours are ready to make progress with our ever improving service sector which has caught the attention of the world. We shall make Nigeria a hub of hospitality in Africa’.
The proceeds from the Series II commercial paper will be used to support SRL’s growth plans, including the expansion of the company’s hospitality portfolio.
Smart Residences Limited is a leading indigenous hospitality firm in Nigeria, with a portfolio of luxury properties, apartments (including The Destination, HomeAway, The Glass Residence, The Residence) and a commitment to exceptional service.
