South African asset manager Vantage Capital has invested $12.5 million in the Nigerian property developer behind a major mall in Lagos.
As well as the Maryland Mall, Purple Capital has built residential estates in the city and also provides financial services.
“The Purple team epitomises the best of Nigeria’s entrepreneurial spirit with its ability to navigate a demanding operating environment to create market-leading developments,” said Warren van der Merwe, chief operating officer of Vantage Capital.
Vantage Capital invests in mezzanine debt, a hybrid of debt and equity financing that provides the holder with preferential treatment in the case of a default. The firm manages $775 million in five mezzanine debt and renewable energy funds.
The investment in Purple Capital was the sixth transaction of the Vantage Capital Fund III, a $280 million vehicle that allocates 55% of assets outside South Africa.
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