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Standard Bank pioneers $111 million Green Loan Refinance for Actis

Standard Bank pioneers $111 million Green Loan Refinance for Actis

Business, Corporate Stories, Economy
On the 17th of November 2021, the Standard Bank Group announced the closure of a $111m Green Loan Refinancing for two of Actis’ assets in Nigeria. Since the recession in 2016, and the currency devaluation that ensued, the office and retail segments of Nigeria’s real estate market, in general, have performed relatively poorly, and the pandemic only worsened things. Most of the prime buildings in Lagos have struggled to keep occupancy and cash flows at good levels, and this has placed a need for some form of cash inflow for them to keep moving. Typically, asset refinancing happens when a business needs an injection of cash to free up working capital on its existing assets. The Standard Bank Group, who also financed The Wings Towers in Victoria Island...