Modern Shelter was established in 2015 as a real estate development, brokerage, and marketing company and has developed over 400 housing units and sold over 800 housing units (as brokers), while facilitating over 300 mortgages.
Modern Shelter evolved into a core housing development company for EDGE certifiable projects, competing against market leaders and acquiring large areas of land across the Northern region of Nigeria.
Modern shelter systems and services limited (“msssl”)
At incorporation, the initial business model of Modern Shelter was investment advisory, facility management, interior designs, marketing, mortgage brokerage, and sale of real estate properties. However, the Company has in the last half-decade evolved to become a climate aligned housing developer focused on utilizing strategic partnerships with State Governments – e.g., Bauchi & Nasarawa State, international franchises (Myriad), and joint ventures to construct EDGE-certified and certifiable residential homes (low cost to luxury), hostel apartments, and commercial properties including hotels and markets, across key cities in Nigeria.
The Modern Shelter Project became the pilot transaction under InfraCredit’s Affordable Housing Funding Programme (AFHP). AFHP seeks to scale up private sector financing of affordable local currency capital for eligible affordable housing infrastructure for eligible homebuyers in Nigeria by co-financing debt capital alongside local currency guarantees from InfraCredit.
Project Highlight
The project will be implemented by Nasarawa Technology Village Limited (NTV), a special purpose vehicle established by a consortium of Modern Shelter, the Nasarawa State Government, and other stakeholders. Thus, the Project Company (a partnership between the Concessionaire and the Company) will be responsible for delivering the housing units to eligible homebuyers directly or through the Housing Solution Fund (HSF) – a local currency real estate investment trust (REIT).
The masterplan displays c.1,200 housing units and associated infrastructure on a 57Ha NTV land, starting with the pilot phase of 100 units and followed by the current phase of 370 units. The delivery timeline for the current phase is estimated at twelve months and set to sit on c. 18.8 hectares of land.
3
Billion Naira
Transaction Details
With InfraCredit’s guarantee, Modern Shelter was able to secure a NGN3 billion 4-year 15% Shelter Afrique Loan Facility, with a 12-month moratorium on the principal amount, as the first tranche of the approved debt programme of NGN12.5 billion for up to 10 years.
In November 2023, Modern Shelter obtained a NGN3.0 billion 4-year Shelter Afrique Loan Facility, with a 12-month moratorium on the principal amount. The net proceeds will be utilized to finance the development/construction of 370 affordable housing units (bungalows) in Nasarawa Technology Village (NTV), Nasarawa State as phase one of the NTV developments.
| Disbursement Date | 28th November 2023 |
| Obligor | ABS Blueprint Modern Shelter Limited |
| Principal Amount Outstanding (NGN) | 3,000,000,000 |
| Sector | Affordable housing |
| Tenor | 4 years |
| Location of Operation | North Central |
| Asset Size/Capacity | 370 Housing Units |
