Vantage in real estate exit

Vantage Capital has exited its debt investment in a Mauritius-based real estate development company.

The investor is exiting its investment in Cap Tamarin to undisclosed investors.

Vantage’s exit is being financed by equity and a bond raise, with part of the funds also earmarked for capacity expansion.

Vantage is exiting Cap Tamarin after a five-year holding period, having first backed the company in 2018. The investor injected $10 million worth of mezzanine debt into the company.

Vantage structured the deal through Vantage Mezzanine Fund III, closed at $290 million in 2017. This transaction saw Vantage seal its eighth deal from the fund. The transaction also saw Vantage seal its first deal in Mauritius.

Cap Tamarin is ultimately owned by Trimetys, a diversified company based in Mauritius, with operations in real estate, agriculture, education and tourism. Vantage invested directly into Cap Tamarin.

During Vantage’s holding period, Cap Tamarin expanded its capacity through the launch of Cap Tamarin Smart & Happy Village – estate development project having a 44 hectares capacity.

“The Jhuboo family and Trimetys have been visionary and trustworthy sponsors to invest with, said Warren van der Merwe, managing partner at Vantage. ‘’We wish them all the best in taking this landmark development to its successful conclusion.”

Roshal Ramdenee, associate partner at Vantage  also worked on the deal.

Headquartered in Tamarin, Cap Tamarin is a real estate developer that builds retail and corporate properties in Mauritius.

Cap Tamarin was created in 2016, while Trimetys was set up in 1998. Trimetys employs over 350 people, as of 2023.

Vantage used inhouse legal and financial advisors on this deal.

Source: Deal Book Africa