Mixta Africa Executes MoU with Chinese Construction Firm
The Board and Management of Mixta Africa SA are pleased to announce that, on 2 November 2016 at the 11th China International Aviation and Aerospace Exhibition in Zhuhai, China, the Company executed an agreement with China Aerospace Construction Group Corporation Ltd (CACGC) for the provision of US$300 Million in contractor financing for the execution of a number of Mixta’s real estate and hospitality projects in West Africa.
The agreement signed between the two parties entails: (i) Chinese Consortium, led by CACGC, providing appropriately tenured project financing for specific Mixta Africa-sponsored projects in Nigeria; and (ii) the design and construction of the selected projects by CACGC.
Mr. Deji Alli, the Chairman of Mixta Africa stated: “This significant milestone is expected to deliver 2 high-end hospitality projects in Nigeria and Senegal as well as over 3,000 affordable housing units in Nigeria within a 3-year period. Having completed over 10,000 real estate units and won numerous awards for excellence in delivery, CACGC’s technical competence and expertise is a great asset that we can bring to bear on our projects to ensure efficient, quality and on-time delivery. We plan to leverage on the success of this transaction to enter into similar partnerships to scale up Mixta Africa’s delivery capability, thus addressing supply-side issues within the industry and finally beginning to address the enormous deficit in the affordable housing market in Nigeria, and Africa as a whole.”
The Chairman of CACGC, Mr. Yu Xiguo, also added: “…Noteworthy is that our new focus on West Africa not only presents priority projects for CACGC’s international business development but, importantly, aligns with our expansion plans to only collaborate with institutions of like minds as well as grow our portfolio by focusing on quality projects in all geographies. We value this partnership opportunity, and intend to channel our expertise and resources across the entire development value chain to execute best-in-class projects in Africa’s thriving real estate sector. China Aerospace remains committed to quality and welcomes the prospect to make positive contributions to the development of the African continent and well-being of its people.”
Founded in 2005 and headquartered in Spain, Mixta Africa is a leading real estate development company with operations in Nigeria, Morocco, Senegal, Tunisia and Cote d’Ivoire and past developments in Algeria, Egypt and Mauritania. The Company specialises in the development of affordable residential properties. Mixta Africa is a wholly owned subsidiary of Asset & Resource Management Company Limited (ARM), Nigeria’s leading non bank financial institution.
China Aerospace Construction Group Corporation Ltd is a worldwide leading construction company headquartered in Beijing, with vast experience in the design, planning and construction of industrial, civil and real estate projects. CACGC has business presence and strong relationships in more than 20 countries including the United States, Germany, Japan, Kenya and Cote d’Ivoire.