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Vantage Capital exits Cap Tamarin following an equity and bond raise

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Vantage Capital , 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.”

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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.”

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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