Alpha Mead Development Company (AMDC), Nigeria’s first and only Real Estate Development Company certified to international standards of the ISO 9001:2015, has fully redeemed a series 1, tranche A 19.76% fixed rate bond due in June 2020.
The corporate bond, which according to Femi Akintunde, CEO of its parent company, Alpha Mead Group, was fully invested in Real Estate to increase the company’s capacity to provide affordable homes for middle-income Nigerians to live and to invest, has now been fully redeemed to the lenders together with the agreed interest.
According to Akintunde, “the full redemption of the corporate bond that is now providing homes to more than 100 families underscores our unwavering commitment to lowering the barriers to homeownership for middle-income Nigerians”.
“We are particularly excited by this feat because it again proves that Real Estate remains a viable investment vehicle. Despite the COVID-19-induced economic uncertainties, we were determined to make good our commitment to investors who trusted us. We recognise we were not at an advantaged position when approaching the capital market, but we were determined to change the narrative, to prove to the market that we have a viable business model, Real Estate remains a very resilient investment vehicle and that our word is our bond”.
On his part, Damola Akindolire, Managing Director of AMDC, said he is particularly elated because of the impact of the bond on the lives of ordinary middle-income people whose hope of homeownership could have been utopian if such an investment were not made.
He said, “first let me thank our partners DLM Trust Company and UTL Trust Management Services for believing in us as a company and sharing in our passion to provide quality homes that middle-income Nigerians can afford.
“For us, the real joy is in seeing over 100 middle-income families owning a home without the hassles and issues that are making most people in this class give up on homeownership. We believe that the investors in our bond will not just be proud that we made good our promise and redeemed our obligation in good time, they will also be proud to be associated with such an initiative that is addressing one of the basic needs of man, which is shelter”.
Akindolire noted that AMDC recognises the enormity of the housing gap in the market, and is poised to demonstrate its leadership position in the market by taking on bigger projects in the future.
He explained that on the back of the success of this bond programme, AMDC is embarking on an audacious ‘Project 1k’, designed to provide 1,000 homes for middle-income Nigerians over the next few years.
AMDC, in partnership with other stakeholders, is currently undertaking a plethora of development activities including the 50-hectare Green Park Estate adroitly designed to match the lifestyle and budget of upwardly-mobile Nigerians at the fast-developing Lekki-Epe axis of Lagos State. Other project in the company’s portfolio is are Lekki Pearl Estate, Transcendence Estate, to mention a few.