Saturday, October 23, 2021

    Pan-African Mortgage Lender Returns to Market for $1.25 Billion

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Shelter Afrique plans to return to the market to raise $1.25 billion in local-currency bonds by the end of the year as the pan-African mortgage financier emerges from a management crisis that barred it from borrowing years ago.
    The Nairobi, Kenya-based lender intends to mobilize a local-currency equivalent of $500 million each from Nigeria and East Africa, as well as $250 million from French-speaking African nations, Chief Executive Officer Andrew Chimphondah said in emailed responses to questions. Shelter Afrique targets separately to raise $500 million from multilateral development financial institutions over the next five years, he said.
    “We cannot disclose specific institutional details; however, sufficient to say the said DFIs stand ready to support us with competitively priced and longer tenured funding,” he said.
    About five years ago, Shelter Afrique fell into a liquidity crisis that saw a couple of senior executives exit over allegations of misappropriation of funds. It has since repaid a bond that was floated on the Nairobi Stock Exchange between 2013 and 2018.
    Shelter Afrique provides long-term credit lines for primary-mortgage lenders, housing micro-finance institutions and re-financiers, including Tanzania Mortgage Refinance Co. and Togo-based CRRH. The company is now developing a demand-side pipeline of as much as $1 billion across 25 of its 44 shareholding nations, Chimphondah said.
    ©2021 Bloomberg L.P.

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