CAPIC Protea Nigeria

completed

CAPIC or the “Sponsor” is a Nigerian private equity fund that was established in 2007 to make real estate investments in Nigeria and West Africa. It is an existing IFC client and was committed on February, 12th, 2009. The project will involve the construction of the following hotels in Nigeria: A 3-star Protea Select brand hotel in Benin City, and A 3-star Protea Select brand hotel in Ikeja, Lagos. Hexagon Networks Limited and Skye Bank Plc will co-sponsor the project. The two hotels will exist in separate project companies namely; CAPIC Hexagon Limited and Skye CAPIC Limited owned by the Sponsor and respective co-sponsors. CAPIC will be the majority owner in each company. The total Project is expected to cost $32 million of which $16 million will be financed with debt and $16 million will be financed with equity. The IFC is considering an investment of two A Loans as follows: $6.2 million to the CAPIC Hexagon Limited, and $5 million to Skye CAPIC Limited.