KAMPALA, Uganda, Dec. 15, 2014 (GLOBE NEWSWIRE) -- Vantage Capital ("Vantage"), Africa's leading mezzanine debt provider, today announced it has provided $10m of funding to Simba Properties Investment Company ("Simba Properties"), the property investment arm of Simba Group in Uganda which houses five prime property developments in Uganda (three operating and two under development).
Logo: http://www.photos.apo-opa.com/plog-content/im...hi-res.jpg
The three operating properties located in the Kololo upmarket suburb are:
1. Protea Hotel Kampala: a four star, 70 bed luxury hotel: http://www.photos.apo-opa.com/plog-content/im...os/5-1.jpg
2. CNOOC Building: a five storey office block leased to blue chip companies: http://www.photos.apo-opa.com/plog-content/im...os/4-1.jpg
3. Elizabeth Royal Apartments: 30 high end apartments leased to foreign multinational expatriates: http://www.photos.apo-opa.com/plog-content/im...os/3-1.jpg
The two properties under development are:
4. Hotel Naguru: a four star, 140 bed luxury hotel anticipated to be operational in Q4 2015: http://www.photos.apo-opa.com/plog-content/im...os/1-2.jpg
5. Moyo Close Apartments: 14 high end apartments anticipated to be completed in Q1 2015: http://www.photos.apo-opa.com/plog-content/im...os/2-2.jpg
Simba Group was started by Patrick and Carol Bitature in 1998 and has grown into one of the leading domestic investment groups in Uganda.
Patrick Bitature, the Chairman of Simba Group said, "Vantage brings an important and exciting new model of financing to the East African region. Simba Group is pleased to have found a strong mezzanine financing partner who provides medium term growth capital but does not want to take our hard earned equity."
Mokgome Mogoba, Associate Partner at Vantage, said "We are proud to have invested with the Simba Group, a leading and influential group with a strong commitment to Uganda and the East African region."
Warren van der Merwe, Chief Operating Officer at Vantage, added "Simba has managed to build an impressive and successful group of businesses, through a combination of entrepreneurial flair and highly professional management. Theirs is the kind of story that underpins our Pan-African investment strategy of supporting mid-market family-owned businesses that are seeking to raise growth capital without having to dilute their shareholding."
Simba Properties is Vantage's first investment in Uganda and the twelfth mezzanine transaction in Vantage's second fund, which is more than 85% invested. Vantage has commenced the raising of its third mezzanine fund, which is targeted to close by Q1 2015 at $250 million.
Distributed by APO (African Press Organization) on behalf of Vantage Capital.
For more information contact: Warren van der Merwe Chief Operating Officer Tel: +27 11 530 9106 Mokgome Mogoba Associate Partner Tel: +27 11 530 9133 Diana Njuguna Associate Tel: +27 11 530 9131
