The Chapel Hill Denham Nigerian Infrastructure Debt Fund (NIDF) today announced that it has recently reached financial close for circa 3 billion Naira Purpose Built Student Accommodation (PBSA) project at the Lagos State University (LASU).
The project is being implemented by Advent Integrated Services Limited (Advent) under a long-term concession granted by the Lagos State Government.
The Project’s scope includes design, construction, operations and management of 1,128 bed spaces spread across three accommodation blocks at LASU’s Ojo campus. The PBSA will be equipped with amenities such as laundromats, cafeteria, retail stores and state-of-the-art common and reading rooms. The project is scheduled to be completed in time for the new academic session in 2022.
NIDF’s funding directly supports Nigeria’s efforts towards UN’s Sustainable Development Goals, specifically SDG4 (Quality Education), SDG 8 (Decent Work) and SDG 11 (Sustainable Cities and Communities).
Anshul Rai, CEO, Nigeria Infrastructure Debt Fund commented: “By supporting the project, NIDF has once again demonstrated its commitment to support critical social infrastructure projects in Nigeria. It is the fourth PBSA being funded by NIDF and we hope to conclude a number of similar transactions in the coming months.
“Making long-term Naira funding at commercially reasonable terms is crucial to bridge the infrastructure deficit in the country. By offering tailor-made financing solutions through a streamlined process, we have materially reduced the financing risks faced by project sponsors pursuing such opportunities across Nigeria.”
Also speaking on the project Goke Dokun, Managing Director Advent, added: “Working with the NIDF team has been a great experience for Advent. Not only did they provide us with the requisite funding with a highly customized structure, we also benefitted from their support on enhancing the legal, contractual and project management aspects of the project. NIDF is also supporting us in implementing the Environmental & Social Management System for the PBSA – a first for the PBSA industry in Nigeria.
“The partnership with NIDF will enable us to accelerate execution of similar projects in other geo-political zones of Nigeria – realizing our vision of delivering 20,000 quality and affordable bed spaces for students across the country.”
