Global Credit Rating, the top rating agency for the financial industry, has verified that Lekki Gardens Estates Limited, one of Nigeria’s top real estate investment firms, has paid back its N3.5 billion Series 1: 3-Year Bond by the bond’s maturity date in January 2024.
A notification that was just posted on the agency website included this confirmation according to The LEADERSHIP.
In January 2021, the business made its debut on the Nigerian debt capital market with the N3.5 billion 3-Year Series 12.00 per cent Bond.
In June 2022, a N25 billion Commercial Paper initiative was launched. In April and June of 2023, respectively, the subscribers to the N4.18 billion Series 1 (Tranches A & B) issuances under the Commercial Paper program were successfully redeemed and reimbursed by the firm.
Lekki Gardens’ national scale long-term and short-term issuer ratings of BBB+ and A2, respectively, with a stable outlook, were just confirmed by the Global Credit Rating. GCR stated that “The rating affirmation reflects Lekki Gardens’ well-managed liquidity and modest leverage metrics, which have sustained its competitive position within the Nigerian property development sector and supported the company’s ongoing operations.”
Since its founding in 2012, Nigeria’s top real estate developer, Lekki Gardens, has completed the delivery of more than 15,000 residential and retail units. The Federal Capital Territory, Rivers, Lagos, Ogun States, and other prime areas are home to a number of current projects for the corporation.
