The investment banking subsidiary of Nigeria’s FCMB Group Plc, First City Monument Bank (FCMB) Capital Markets Limited, says it is investing $65 million in the construction of “Heritage Place”, Nigeria’s first green building, as it looks to bridge the gap of suitable office space in Lagos, Nigeria’scommercial capital.
“We are particularly proud to be associated with this project as it aligns with our environmental sustainability principles and adopts cutting edge technology to fulfill not just today’s environmental expectations, but also that of the future’’, the company said in a statement.
The Heritage Place, the first commercial building to achieve the Leadership in Energy & Environmental Design (LEED) certification in both design and construction in Nigeria, is to rise 14 floors, providing over 15,730 square metres of office accommodation and ample parking space including meeting rooms, café/ coffee shop and a plaza.
The building promises 30-40 percent reduction in energy use compared to that of other buildings in Lagos. Some of the environment-friendly approaches adopted in the construction of the complex include: water recycling and re-use, automatic presence detectors and high efficiency lighting, building orientation to maximize natural light and ventilation and high efficiency glazing and external thermal envelope.
By providing a structured debt of $65 million for the project, FCMB capital will act as the sole financial adviser and arranger for the debt-financed eco-friendly green building situated minutes away from Victoria Island—the Central Business District in Lagos.
The project is also sponsored by First Concept and Properties Limited, a Nigerian special purpose vehicle (SPV) led by Actis, a leading private equity investor in sub-Saharan Africa.
