24795 - Capital Alliance Property Investment Company

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Summary of Proposed Investment

Project Number

24795

Company Name

CAPITAL ALLIANCE PROPERTY INVESTMENT COMPANY LP

Date SPI Disclosed

Mar 20, 2008

Country

Nigeria

Industry

Tourism, Retail and Property

Projected Board Date

Apr 22, 2008

Status

Active

Sector

Private Equity/Venture Cap Fund - Sector

Department

Regional Industry - MAS Africa

Environmental Category

Previous Events

Approved : Feb 9, 2009
Signed : Feb 12, 2009
Invested : Apr 16, 2009

Project Description

Capital Alliance Property Investment Company (CAPIC or the Fund) will invest in property developments including residential, commercial, retail, hospitality and mixed properties in West Africa, with a strong focus on Nigeria. The Fund is a closed-end regional real estate fund formed by Capital Alliance Real Estate Manager Ltd (CARE Manager or the Investment Advisor).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	10.0

Development Impact

There is significant demand for residential, office, retail and hospitality real estate in the major commercial cities of Nigeria yet, at the same time, developers have been held back by an acute shortage of long-term capital. Cities like Lagos suffer from the lack of good urban infrastructure and planning. The Fund can act as a catalyst by financing quality developments on time and on budget, and to the agreed specification. CAPIC will perform extensive due diligence on co-developers before partnering with them. It will require that proper attention will be given to design, engineering, contracting strategy, project management and financing during the pre-implementation phase The Fund’s involvement in the sector will help to enhance the environment, social and governance standards of the developers with whom the Fund works.

IFC’s participation in this investment jointly with CDC will send a strong signal to investors on the benefits of investing in property development in Nigeria. There are few institutional investors which have the capacity to invest in property development as this is a sector which pension funds are prevented from investing in directly. As a result, in Nigeria, only banks and insurance companies are willing to invest in such a project. Further to this, IFC’s participation in the Fund will ensure that the Fund benefits from the best industry practices, environmental policies, and corporate governance. IFC is expected to have a representative on the Advisory Board.

This is a Category FI project according to IFC''s Environmental and Social Review Procedure. The Applicable Performance Requirements for the Fund are likely to include:

- IFC exclusion list,
- the applicable national social and environmental laws and regulations, and
- IFC performance standards.

Based on these performance requirements, the project will be required to:

- Develop an or upgrade its existing Social & Environmental Management System (SEMS), prior to disbursement to the satisfaction of IFC;
- Identify responsible, qualified persons to manage and implement the SEMS;
- Commit to implement the SEMS, to ensure that its investments/activities supported by IFC financing are in compliance with the Applicable Performance Requirements
- Submit a periodic report to IFC as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Obi Nwogugu Capital Alliance Property Investment Company 8th Floor, C&C Towers 1684 Sanusi Fafunwa Street Victoria Island, Lagos Phone: +234-1-270-4420 Fax: +234-1-270-6908

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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