Greenage Restates Commitment to Sustainable Student Housing Financing

May 10, 2021

Greenage Development Managers, a private equity-driven fund and provider of on-campus student and faculty housing projects, has announced a long-term commitment to the IFC’s EDGE (Excellence in Design for Greater Efficiencies), an international green building certification system.

Greenage Development Managers are also leveraging the institutional mechanism provided by the Infrastructure Bank Plc in Nigeria to ensure sustainability of the Green Student Housing Projects.

The aim is to transform the student housing sector by delivering purpose-built, resource-efficient student housing in higher institutions across Nigeria with Greenage’s $150 million sustainable housing fund.
The fund is committed to develop 100,000 bedspaces across Nigeria over 10 years, with an initial ticket size of $50 million for its first phase of delivery.

The Greenage student housing programme is a private sector initiative that consists of a 10-year plan to provide modern, secure, affordable and green accommodations to complement campus architecture across Nigeria.

Speaking at the groundbreaking ceremony, the company’s director, Mr. Marcellinus Nnaedozie, said the Greenage approach to student housing offers the most affordable, sustainable and desirable strategy to meet the housing objectives of higher institutions in Nigeria.

“Supported by our private equity partners and and The Infrastructure Bank Plc alongside other multilateral institutions, Greenage is highly confident in its ability to deliver its proposed 10-year programme starting with the groundbreaking development of 500-1,000 bed spaces at Veritas University, Bwari Abuja,” Nnaedozie said.

IFC’s Director, Climate Business Department, Mr. Vivek Pathak, said, “Through the adoption of EDGE, Greenage has been able to unlock new sources of investment for universities that will help address the student housing gap in Nigeria, while controlling the use of natural resources.”

Greenage will work with local vendors, suppliers, consultants and subcontractors to procure materials and equipment to produce high quality, durable, resource-efficient buildings. By working collaboratively with institutions to carefully design and build new on-campus housing, Greenage can fully meet the demands, needs and preferences of university communities in Nigeria, while limiting impacts on the environment.

The Acting MD/CEO, Infrastructure Bank Plc, Mr. Ross Oluyede, stated that they were proud to partner Greenage towards changing the housing experience for students in Nigeria.
Oluyede stated that the Greenage vision for hostel accommodation fits into the long-term plan of the Infrastructure Bank and that they would lend their transaction advisory services and other related areas of support to help GreenAge scale their projects.

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