Calgro M3 secures R387m in funding

25th October 2017

By: Creamer Media Reporter

     

Font size: - +

Housing developer Calgro M3 has secured its first international funding – a R387-million facility – that will be used to help fund the delivery of the group’s low-income housing units in its secured pipeline in priority urban development areas.

Calgro M3’s current pipeline stands at R27.7-billion, which incorporates both its integrated residential property developments and the Memorial Parks businesses.

The finance facility, provided by Proparco – the private sector arm of France’s development bank, Agence Française de Développement – has been secured for a period of six years with an anticipated fixed simple interest rate of 12.41%, payable in six-monthly intervals.

The first drawdown of R278-million will be in December, with a second and final drawdown of R109-million expected to occur in May 2018.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION