Sunday, June 10, 2018 04.37PM / Africa Global Funds
Àrgentil Capital Partners has acquired a 20% stake in Tempo Housing Nigeria, a Nigeria based developer of innovative housing solutions.
Tempo Housing specialises in developing flexible and affordable residential and work spaces using modern prefabricated technology.
Àrgentil also provided debt as part of its overall financing to the Company.
Àrgentil is investing through the Àrgentil Principal Investment Portfolio II (APIP II), an evergreen SME vehicle which invests equity and debt in small and medium scale companies operating in Nigeria.
The Investor aims to support underserved SMEs operating across different sectors of the economy.
APIP II is currently being backed by a number of commercial institutions and family offices.
This is APIP II’s third investment having previously backed Winchester Farms, a meat and poultry processing company and Chocolate City Lounge, a consumer and entertainment retailer.
Àrgentil’s financing will support Tempo Housing execute its expanding portfolio in the residential segment of the market where the company is developing affordable housing projects to meet the significant demand-supply gap, as well as flexible work and commercial spaces for many of its clients.
Àrgentil is backing the company based on its strong management team lead by both Dele Ijaiya-Oladipo and David Aderounmu and growth prospects within the Nigerian real estate market.
The investment also expands Àrgentil’s activities across the real estate market as the firm has completed a number of residential and commercial properties in Lagos and currently has over 70 units of residential units under development in the City.
Gbenga Hassan, Partner at Àrgentil led the deal.
Olajide Oyewole, a member of DLA Piper Africa, provided legal advisory services to Àrgentil.