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The Ministry of Finance (MOFI) Real Estate Investment Fund (M-REIF) has announced the successful completion of its Series 2 issuance, raising a total of ₦100 billion from private investors. This issuance is part of MREIF's ₦250 billion pilot fundraising program, which falls under the umbrella of its ambitious ₦1 trillion multi-tranche initiative.
The Series 2 issuance saw a total of 44 applications for 1,000,000 units at N100 per unit. This achievement builds on MOFI's initial ₦150 billion investment in Series 1.
The MOFI Real Estate Fund (MREIF) initiative aims to transform Nigeria's housing sector by raising up to ₦1 trillion in financing. The fund seeks to provide mortgage financing options with repayment terms of up to 25 years, featuring interest rates between 11% and 12%.
In addition to providing affordable financing options, MREIF also offers off-take guarantees for developers.
The MOFI Real Estate Investment Fund (MREIF) is sponsored by MOFI and managed by ARM Investment Managers. Vetiva Capital Management Limited acted as the issuing house for the Series 2 issuance, while other key parties involved included Constant Capital Partners Ltd, ICMG Securities Limited , Iron Capital, and PARTHIAN PARTNERS
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