Wemabod, a prominent Nigerian real estate solutions provider, has finalized the signing of its ‘Wemabod Financing SPV Limited N50 billion Bond Issuance Programme.
‘ The company announced this milestone in a recent statement, detailing plans to raise the funds in a series, with an initial funding of N4 billion designated for the first series.
Yemi Ejidiran, the Chief Executive Officer of Wemabod, highlighted that the raised funds would be instrumental in supporting the transformation of Unity House at 37 Marina from a commercial rental property to a mixed-use development. He emphasized the significance of revitalizing this historic landmark and promoting residential development within Lagos State’s central business district.
Ejidiran noted that establishing residential areas within the central business district would alleviate commuting time for residents and stimulate fresh initiatives that rejuvenate other central business districts across the country.
“This signing ceremony marks the initiation of fundraising efforts from the capital market to facilitate the development of Unity House, a 31-storey property located at 37 Marina, Lagos,” Ejidiran stated. “We view this project as a catalyst for commencing the regeneration of the central business district, especially given the recent governmental policies impacting where people work and reside.”
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He stressed the importance of investors seizing the opportunities arising from this development, emphasizing the potential benefits of proximity between residential and workplace environments.
In addition to the redevelopment of Unity House, Wemabod outlined plans to utilize the funds for other projects, including the development of a mixed-use property featuring a mall and recreational facilities in Ikorodu, as well as ongoing developments in Ikoyi, Lekki Phase I, Ikeja, among other locations.