Vantage Capital (www.VantageCapital.co.za), Africa’s largest mezzanine debt fund manager, announced that it has fully exited its investment in Cap Tamarin, a smart city development located in the town of Tamarin on the west coast of Mauritius, managed by Trimetys Group. Vantage’s exit was financed by an equity and bond raise that also provided funds for further expansion of the development.
Vantage provided $10m to Cap Tamarin in Jul 2018 to fund the infrastructure and amenities of the development which included civil works, telecom works, electrical works and construction of the park and bridges. Whilst banks were unwilling to fund the early-stage construction risk, Vantage recognised the potential of Cap Tamarin, a mixed-use development project in a prime coastal location that combines an aspirational island village lifestyle with a strong developmental impact on surrounding communities. Today, all major roads and bulk infrastructure at Cap Tamarin have been completed as well as various phases including a super market, primary school, gas filling station, sports club, offices and commercial units. Various other projects are also underway including the development of a medical clinic, retirement village and various residential units.
Roshal Ramdenee, Associate Partner at Vantage Capital, said “Vantage is pleased to have supported Cap Tamarin, a project with significant potential for both the local community and investors. Our ability to provide flexible funding for the early-stage construction of the development, when traditional banks were unwilling to do so, highlights our commitment to supporting high-impact projects in Africa. We are proud to have fully exited our investment and to have contributed to the successful completion of major infrastructure and amenities at Cap Tamarin.”
Warren van der Merwe, Managing Partner at Vantage Capital, added “The Jhuboo family and Trimetys have been visionary and trustworthy sponsors to invest with. We wish them all the best in taking this landmark development to its successful conclusion.”
Kian Jhuboo, Director at Trimetys noted, “Vantage Capital has been a valuable partner and has accompanied our project with great professionalism and also a great listening ear thanks to Warren and his team.”
Distributed by APO Group on behalf of Vantage Capital Group.
For more information contact:
Warren van der Merwe
Managing Partner – Vantage Capital
Associate Partner – Vantage Capital
Associate – Vantage Capital
About Vantage Capital:
Vantage Capital Group was established in 2001 and is the largest independent pan-African mezzanine debt fund manager on the African continent. It has raised funds of US$ 1.4 billion in seven distinct mezzanine and renewable energy debt funds and has to date made 57 investments across the African continent.
Vantage has offices in Johannesburg and targets mezzanine debt opportunities of US$ 10 – 50m across more than a dozen key African markets. Mezzanine debt is an intermediate form of risk capital, which is situated between senior debt, the least risky tranche of the capital structure, and equity, the most risky. It combines elements of both debt and equity thereby providing companies with long-term funding on terms which are less dilutive to shareholders than pure equity.