FCMB Capital Markets Finances Nigeria’s First $65m Green Building

  FCMB Capital Markets Ltd, investment banking arm of FCMB Group Plc, has made it its business to show its real estate financing capacity by acting as the sole financial adviser and organizer of a $65 million structured debt finance for a world class, eco-friendly office complex called The Heritage Place. The bank was a lender to the project which was sponsored by First Concept and Properties Limited, a Nigerian SPC led by Actis, a private equity real estate investor in sub-Saharan Africa. The Heritage Place strategically located in Ikoyi, Lagos is set to become Nigeria’s first truly green building and will provide over 15,730 square meters of office accommodation and ample parking space. In a statement, FCMB explained that its involvement in the construction of the 14 storey ultra-modern building is borne out of the need to bridge the gap of quality office space in Lagos. “We are particularly proud to be associated with this project as it aligns with our environmental sustainability principles and adopts cutting edge technology to fulfill not just today’s environmental expectations, but also that of the future.’’ According to Tolu Osinibi, the Executive Director at FCMB Capital Markets, “We are excited to be the Financial Advisers and Arrangers for The Heritage Place, because the building will set the bench mark for office accommodation in Nigeria”. The Heritage Place is also the first commercial building to achieve the Leadership in Energy and Environmental Design (LEED) certification in both design and construction in Nigeria. This landmark development is furnished with state of the art finishes and facilities such as ample car parking facilities, raised floors and suspended ceilings, high space efficiency, a reception area, meeting rooms, cafe/coffee shop and a plaza. Environmental friendly approaches adopted in the construction of the complex include, water recycling and re-use, automatic presence detectors and high efficiency lighting, building orientation to maximize natural light and ventilation, high efficiency glazing and external thermal envelope. The building has a 30-40 percent reduction in energy use compared to similar buildings in Lagos.