Fund manager Vantage Capital has provided $10-million of mezzanine funding to Cap Tamarin, a mixed-used, residentally-focused smart village located on the sought-after west coast of Mauritius.
Cap Tamarin will feature innovation centres to support start-ups, small and medium enterprises and research-based organisations.
On completion, the Cap Tamarin development will span over 400 000 m2 and will comprise residential units made up of a combination of apartments, senior homes with non-medicalised and medicalised facilities, villas and individual houses.
The development will feature public services, including a comprehensive range of schools, a smart citizen advice office, a post office as well as cultural and innovation centres.
Warren van der Merwe, Chief Operating Officer of Vantage Capital, said, “Vantage Capital is excited to partner with Trimetys to make our first Mauritian investment in a mixed-use development in a prime coastal location that manages to combine an aspirational island village lifestyle with a strong developmental impact on surrounding communities.”
According to Vantage Capital, the investment is its eighth transaction in fund III, a $280-million fund, with a 55% allocation to countries outside South Africa.
Georges Talbotier, Director of Cap Tamarin, said: “This partnership rewards the achievement of several milestones in Cap Tamarin's development plan. Supplemented by bank financing and sales, the entry of Vantage Capital as a reference investor, will boost the realization of the project.”
“We need strong partners to achieve such an ambitious project. For us, Cap Tamarin 'Smart & Happy Village' is the realization of a vision and we thank Vantage Capital for sharing our values," he said.
Werksmans Attorneys and BLC Roberts & Associates acted as legal counsel to Vantage in South Africa and Mauritius respectively.