Greenage Launches Student Housing Programme

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 International Finance Corporation’s (IFC) EDGE (Excellence in Design for Greater Efficiencies), an international green building certification system.

The aim of the initiative is to transform the student housing sector by delivering purpose-built, resource-efficient student housing in higher institutions across Nigeria.
According to a statement, the Greenage student housing programme is a private sector-led initiative that consists of a 10-year plan to provide modern, secure, affordable and green accommodations to complement the campus architecture across Nigeria.

It explained that by partnering multilateral agencies as well as private equity partners, Greenage could provide long-term, environmentally-friendly solution, “as an answer to the severely deteriorated state of student housing infrastructure in Nigeria.”

In support of the Greenage initiative, IFC’s Green Building Lead for Nigeria, Mr. Dennis Quansah, said, “By introducing green building certification with EDGE, Greenage is committed to contributing positively to the local economy and the students they serve, while controlling the use of natural resources.

“Greenage will work with local vendors, suppliers, consultants and subcontractors to procure local materials and equipment to produce high quality, durable and 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.”

Furthermore, the statement revealed that Greenage has expertise in structuring partnerships with universities that ensures it provides practical, innovative and efficient financing solutions for its student housing projects.

Through its relationships with innovative and private equity funding sources, the company has rolled out a blended mix of secured debt and equity financing to deliver $150 million size student housing fund that will develop between 50,000- 100,000 bed spaces across Nigeria over 10 years with an initial ticket size of $50 million for its first phase of delivery.

Greenage will be commencing its Series 1 equity raise to kickstart the progromme in partnership with Greenwich Merchant Bank and Infrastructure Bank.
According to the company’s director, Mr. Marcellinus Nnaedozie, 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 High Networth and Institutional Investors partners and alongside 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.

The developments at Veritas University would be followed in quick succession by other engagements to be delivered by Greenage at the Arthur Jarvis University in Calabar and the University of Nigeria, Nsukka Enugu, amongst other targeted locations, it added.