Housing Finance: HSF Completes Series 1 Issuance under N100bn Programme

Oluchi Chibuzor

Housing Solution Fund, a local currency real estate investment trust (REIT) has announced the successful completion its Series 1 issuance under its N100 billion Programme.

The Housing Solution Fund is a local currency real estate investment trust (REIT) authorised and registered by the Securities & Exchange Commission (SEC) with a N100billion funding programme.

The Fund is managed by alternative investment management firm, FundCo Capital Managers and co-sponsored by Shelter Afrique, alongside pioneer investments from 4 domestic pension funds and one insurance company. 

Chief Investment Officer of Housing Solution Fund, Maurice Okoli, in a statement said: “We are excited to have completed our first series under our programme with a mix of DFI, pension funds and insurance investors. We are confident that our innovative business model will play a pivotal role in increasing the housing stock in the market through strategic collaborations with key partners such as InfraCredit, Shelter Afrique, Nigeria Mortgage Refinance Company and eligible developers. These partnerships are designed not only to enhance the Fund’s impact but also to contribute significantly to alleviating the housing deficit in Nigeria.

“The successful Series 1 issuance was led by Shelter Afrique Development Bank, a well-established pan-African housing development financial institution, alongside domestic pension fund managers and insurance companies, including FCMB Pensions, Fidelity Pensions, Radix Pension, Norrenberger Pensions, Leadway Assurance, among others.

The diverse commitment underscores the industry’s recognition of the Housing Solution Fund’s potential and its critical role in reshaping Nigeria’s housing finance landscape.

Housing Solution Fund’s collaborative funding model seeks to address the fragmentation of housing demand and supply-side activities by ensuring that the demand and supply-side intervention occur in a symbiotic and complementary manner. On the supply side, eligible developers will access sustainable construction funding from domestic institutional investors and DFIs like Shelter Afrique on the back of guarantees from credit enhancement institutions like InfraCredit thereby creating a strong pipeline of completed housing projects for the Fund.”