Cape Verde: IFH company issues debt to fund real estate project

27 November 2008

Praia, Cape Verde, 27 Nov – Cape Verdean company IFH (Imobiliária, Fundiária e Habitat) Wednesday issued 420,000 bonds to fund its real estate project, Palmarejo Grande.

The debt operation, directed at the general public, will take place until December and IFH hopes to net 420 million Cape Verdean escudos, as the nominal value of each bond is 1,000 escudos.

The bonds will mature in five-years, and offer an interest rate of 5.56 percent.

The chairman of Cape Verde’s stock exchange, Veríssimo Pinto, said that despite the current financial crisis, it is the right time to invest and explained that issuing bonds was advantageous for both companies and investors.

The “Palmarejo Grande” urbanisation project, according to IFH, is based on a modern, urban and integrated concept, bringing together retail, services, housing and leisure.

The project covers 54 hectares of the Cape Verdean capital, Praia, which will include 300 housing lots, 88 of which will be individual and the remainder mixed, with construction of 3,000 housing units. (macauhub)