Vantage Capital Contributes $ 12.5 Million to Purple Capital

Vantage Capital, Africa’s Largest Mezzanine Fund Manager, has Announced  $ 12.5 Million in Financing for Purple Capital real estate broker and a leading financial services provider in Nigeria. Purple Capital is the developer of the iconic Maryland Mall  a 6,000-square-foot shopping center in Ikeja District, Lagos.

The recent opening of the Maryland Mall with its various attractions, offers to the 35,000 visitors who visit each week, a unique experience, both adults and children. Among the entertainment options, the Maryland Mall features one of Lagos’ only ice rinks, a vibrant food court and over fifty shops. The center is home to leading local and international brands such as Shoprite, Miniso, Uber, Genesis Cinemas, Stanbic IBTC and The Place. The Maryland Mall is located on Ikorodu Road, one of Lagos’ busiest arteries, and draws the attention of passers-by with one of the largest LED display screens in West Africa.

Purple Capital has set up its headquarters in Lagos and has built a high quality housing stock, including high-end residential complexes in the city of Lekki, near Lagos.

“Vantage is currently investing more than $ 50 million from its third mezzanine fund in real estate projects in sub-Saharan Africa”

Warren Vander Capital Chief Investment Officer Warren van der Merwe said, “The Purple Capital team represents the best of Nigeria’s entrepreneurial spirit, through its ability to manage a demanding operating environment to create business opportunities. high-end real estate promotions. The Maryland Mall is a great example, a unique family destination for Lagos people of all ages. ”

Johnny Jones, Associate Partner at Vantage Capital, added: “Vantage is currently investing more than $ 50 million of its third mezzanine fund in real estate projects in sub-Saharan Africa. Since the launch of our last mezzanine fund, we have analyzed over fifty real estate opportunities and only four have received our support. The efficient and profitable execution of the Purple Capital team impressed us and we are convinced that their business is perfectly suited to our type of investment. ”

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Laide Agboola, Managing Partner of Purple added, “We are delighted with the partnership between Vantage Capital and Purple for this refinancing and investment transaction that is helping us to revive, consolidate and launch exciting opportunities for the future. It also gives us a “seal of approval” and increased opportunities for growth in our key areas of financial services and real estate development.

Obinna Onunkwo, Managing Partner of Purple also said: “The focus on good corporate governance, business creation and high quality execution have been key factors in attracting Vantage Capital as an investor. foreign. This investment acts as a catalyst for our long-term growth strategy in Africa’s leading economy. ”

Vantage Capital’s investment in Purple is the sixth transaction under Fund III totaling $ 280 million (4 billion rand), with a 55% allocation for countries outside South Africa. Purple Capital represents the 24 th  transaction executed by Vantage on three generations of mezzanine funds with a total capital of 277 million dollars (4 billion rand) deployed to date.

Vantage has been advised by Adepetun Caxton-Martins Agbor & Segun, one of the leading commercial law firms renowned for its international finance and mergers / acquisitions business, and Werksmans, a leading law firm business and commercial of South Africa. Purple Capital has been advised by Bloomfield Law Practice, a Nigerian “field” law firm with experience in commercial and corporate, private equity, real estate and financial affairs.

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