VC provides $10mil of funding for Cap Tamarin
| 05 Jul 2018
Vantage Capital provides $10 million of funding for Cap Tamarin Ltée,
a Smart City property development in Mauritius
Vantage Capital, Africa’s largest mezzanine fund manager, announced today that it has provided
$10 million of mezzanine funding to Cap Tamarin, a mixed-used, residentially-focused “Smart & Happy” Village located on the sought-after west coast of Mauritius in a seaside village called Tamarin. The promoter of the transaction is Trimetys through its subsidiary, Cap Tamarin Ltée, a Mauritian-based diversified real-estate, hospitality, education and agricultural group led by Kian Jhuboo and Georges Talbotier. Since their first real estate project in 1998, Trimetys has developed a variety of different projects on the island which include hotels, sport centres, a shopping centre and a school as well as constructing more than 300 residential units.
Cap Tamarin will create an integrated “work, live and play” environment that is technology-focused, intelligent, innovative and sustainable. Cap Tamarin has already received the prized Smart City Scheme certification from the Mauritian government. On completion, the Cap Tamarin development will span over 400,000m2 and will comprise of residential units made up of a combination of apartments, senior homes (non-medicalised and medicalised), villas and individual houses. A key attraction for Cap Tamarin residents will be a 40,000m2 landscaped park facilitating direct access to the Tamarin Beach and lagoon. Cap Tamarin will benefit from a comprehensive range of public services such as schools, a smart citizen advice office, a post office as well as cultural and innovation centres. The innovation centre will be used by start-ups, SMEs and research-based organisations to stimulate innovative activities which are a core component of the Smart City Scheme. The development will also expand on the existing commercial office and retail spaces.
Warren van der Merwe, Chief Operating Officer of Vantage Capital, said, “Vantage Capital is excited to partner with Trimetys to make our first Mauritian investment in a mixed-use development in a prime coastal location that manages to combine an aspirational island village lifestyle with a strong developmental impact on surrounding communities.”
Zaheer Cassim, Associate Partner at Vantage Capital, added, “Tamarin is an old fishing village that is to be transformed in an environmentally-sensitive manner into a well-planned residential area on the picturesque west coast of Mauritius. The village is surrounded by hills in the east and the beach on the west with the Tamarin River running through it and represents an ideal location for a development of this nature.”
Georges Talbotier, Director of Cap Tamarin, declared “This partnership rewards the achievement of several milestones in Cap Tamarin's development plan. Supplemented by bank financing and sales, the entry of Vantage Capital as a reference investor, will boost the realization of the project.” He adds, “We need strong partners to achieve such an ambitious project. For us, Cap Tamarin “Smart & Happy Village” is the realization of a vision and we thank Vantage Capital for sharing our values. “
The investment is Vantage Capital’s eighth transaction in Fund III, a $280 million fund, with a 55% allocation to countries outside South Africa. This investment represents the 26th transaction executed by Vantage across three generations of mezzanine funds.
Werksmans Attorneys and BLC Roberts & Associates acted as legal counsel to Vantage in South Africa and Mauritius respectively. Cap Tamarin and Trimetys were advised by Mauritius Commercial Bank’s Capital Markets division.
Notes to Editors
About Cap Tamarin
Cap Tamarin is an extension of Tamarin Village. Over the last 20 years it's promoter, Trimetys Group has developed a primary school, a sports club and a commercial centre in the region. These businesses provide the foundation around which they will build Cap Tamarin.
Development of the project will span over seven years. It will include the construction of more than 150 business units and 1,200 residential units. Once completed the project will create nearly 2,000 jobs.
The first phase of the project will be completed in 2020.
See the YouTube video: https://www.youtube.com/watch?v=GYToGd9GuQ8
Sales and investment opportunities are available, so those interested to acquire commercial, office or residential units can contact us via our website: http://www.captamarin.mu/
Vantage Capital Group was established in 2001 and is the largest independent pan-African mezzanine debt fund manager on the African continent. It currently manages assets of $900 million (R11 billion) in five distinct mezzanine debt and renewable energy debt funds.
Vantage has offices in Johannesburg and Cape Town and targets mezzanine debt opportunities of between $5-25 million across more than a dozen key African markets. Mezzanine 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.
For more information contact:
Nishay Vithal Zaheer Cassim
Senior Associate Associate Partner
Tel: +2711 530 9108 Tel: +27 11 530 9135Back