Africa-focused mezzanine fund manager Vantage Capital has provided US$10 million in funding to Cap Tamarin, a mixed-used, residentially-focused ‘smart’ village located on the west coast of Mauritius.
In a statement sent to the media, Vantage Capital said the promoter of the transaction is Trimetys through its subsidiary, Cap Tamarin Ltée, a Mauritian-based diversified real-estate, hospitality, education and agricultural group led by Kian Jhuboo and Georges Talbotier.
According to information supplied, Cap Tamarin is based on a technology-focused environment and the development is said to have secured Smart City Scheme certification from local authorities.
On completion, the Cap Tamarin development will span over 400,000m2 and will comprise of residential units made up of a combination of apartments, senior homes (non-medicalised and medicalised), villas and individual houses.
The development will feature public services including a smart citizen advice office, as well as innovation centre. The latter will support start-ups, SMEs and research-based organisations to stimulate innovative activities which are a core component of the Smart City Scheme. The development will also expand on the existing commercial office and retail spaces.
Warren van der Merwe, Chief Operating Officer of Vantage Capital, said, “Vantage Capital is excited to partner with Trimetys to make our first Mauritian investment in a mixed-use development in a prime coastal location that manages to combine an aspirational island village lifestyle with a strong developmental impact on surrounding communities.”
Georges Talbotier, Director of Cap Tamarin, declared “This partnership rewards the achievement of several milestones in Cap Tamarin’s development plan. Supplemented by bank financing and sales, the entry of Vantage Capital as a reference investor, will boost the realisation of the project.”
According to Vantage Capital, the investment is its eighth transaction in Fund III, a US$280 million fund, with a 55% allocation to countries outside South Africa.
Werksmans Attorneys and BLC Roberts & Associates acted as legal counsel to Vantage in South Africa and Mauritius respectively. Cap Tamarin and Trimetys were advised by Mauritius Commercial Bank’s Capital Markets division.