Milost Global, an Africa-focused private equity firm based in New York, has signed a pre-listing financing term sheet with Primewaterview Ltd, a Nigerian real estate investment and development firm. The deal commits up to $2 billion in capital made up of $1.3 billion in equity and the balance in debt for Primewaterview to use to fund its planned development projects in Nigeria. The deal also calls for Milost to meet the cost of Primewater’s eventual IPO filing on the NASDAQ Stock Exchange.
Primewaterview is a property and infrastructure development company which designs and build residential communities that meet international standards and has developed several residential and commercial properties in upmarket areas of Lagos and other parts of Nigeria. To date, Primewaterview has built almost 1,000 homes in Nigeria, and plans to broaden its focus to construct hotels, office complexes, shopping malls and business parks in Lagos, Abuja and other cities on the continent as well as other parts of the world. The company is led by CEO, Prince Adetunji Ogunwusi.
“This is by far our largest real estate investment in Africa,” said Mandla Gwadiso, Milost Global’s Managing Partner & CEO. “We are excited to be partnering with HRH Prince Adetunji Ogunwusi in his current projects in Africa and elsewhere. Our intention is to ensure that he is fully funded to repeat the same successes in his past projects such as Oniru Estate in Victoria Island Extension, Primewaterview Gardens at Lekki, Lagos…”
The deal is the latest of several transactions undertaken by Milost Global in the last few months. The private equity firm, which has more than $25 billion in committed capital, is primarily a buyout investor, but also provides alternative capital, mezzanine finance and alternative lending solutions to companies across a wide range of industry sectors.
Primewaterview was advised by Palewater Advisory Group on the transaction.