Landmark Towers; NGN4 billion


May 01, 2017

Standard Bank was the Mandated Lead Arranger and constructed a NGN4 billion medium term loan facility for Landmark 2007 Global Realty Limited. This is a special purpose vehicle (SPV) set up for the development of Landmark Towers, a 11,110m² mixed use property in Oniru, Victoria Island, Lagos.

The SPV is 99.99% owned by Landmark Africa, a leading real estate development company with a portfolio of over 130,000m² of mixed use office, leisure and residential space for multinational and domestic companies in Nigeria. This medium term loan facility was secured to refinance existing debt in connection with the development of Landmark Towers.

The repayment profile of the facility was structured in line with the cash flows of the property, easing pressures on the operating performance of the underlying real estate asset. The term loan facility was wholly Naira-denominated, supporting Landmark in managing its exposures to foreign exchange convertibility risks.

Standard Bank continues to support reputable local developers with strong growth potential outside of South Africa to develop long-term strategic partnerships, taking Africa forward.

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