June 6, 2023

Tumbler Ridge News

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Nigerian Mixta is writing off its debt to finance its affordable housing projects in Morocco

Las Brisas Residences was developed by Mixta in Tetouan. Credit: Mixta

Pan-African housing development finance company Shelter Africa has extended a $13 million (M$) loan to Lagos (Nigeria)-based real estate firm Mixta Real Estate Plc. The deal was announced in March 2021 and ratified last November.

The five-year facility with a 24-month drawdown has been structured to finance the Group’s ongoing real estate projects in Côte d’Ivoire, Senegal and Morocco.

The $13m loan will co-finance 356 houses in Côte d’Ivoire, 162 houses in Senegal and 371 houses in Morocco, with sale prices of up to $26,000 in Morocco, $45,000 and 00 dollars in Côte d’Ivoire. In Senegal.

As a reminder, the shelter is owned by the African Development Bank, the African Solidarity Fund, the African Reinsurance Corporation and 44 African countries.

In Morocco, the creation of Mixta Africa dates back to 2005 and already has 6 projects in the north of the country: in particular the Martil, Costa Cabo residence, Las Brisas residences in Tetouan and other projects in the region. Apart from Morocco, the Nigerian group is also present in Senegal, Ivory Coast and Tunisia, and is implementing projects in Algeria, Egypt and Mauritania.

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