Monday, 4 December 2017

Maryland Mall developer, Purple Capital, receives $12.5 million funding

Vantage Capital, Africa’s largest mezzanine fund manager, has announced that it has provided $12.5 million in funding to Purple Capital, a Nigerian real estate company and financial services provider. 

Purple Capital is the developer of the 6,000m² Maryland Mall, a neighbourhood shopping centre in the Ikeja district of Lagos. The mall attracts over 35,000 visitors each week and boast various leisure facilities. 

Warren van der Merwe, Chief Operating Officer of Vantage Capital, said: “The Purple team epitomizes the best of Nigeria’s entrepreneurial spirit with its ability to navigate a demanding operating environment to create market-leading developments. Maryland Mall is one such development, a uniquely inviting family destination for Lagosians of all ages.”

Vantage is currently investing over fifty million dollars from its third-generation mezzanine fund in real-estate projects across Sub-Saharan Africa.

The Purple investment is Vantage Capital’s sixth transaction in Fund III, a $280 million fund, with a 55% allocation to countries outside South Africa. Purple Capital represents the 24th transaction executed by Vantage across three generations of mezzanine funds with aggregate capital deployed to date of $277 million.

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