{"id":4893,"date":"2021-07-29T08:41:49","date_gmt":"2021-07-29T08:41:49","guid":{"rendered":"https:\/\/theblogonline.com\/?p=4893"},"modified":"2021-07-29T08:41:49","modified_gmt":"2021-07-29T08:41:49","slug":"kasada-secures-strategic-partnership-with-ifc-to-support-hospitality-sector-in-sub-saharan-africa","status":"publish","type":"post","link":"https:\/\/theblogonline.com\/?p=4893","title":{"rendered":"Kasada Secures Strategic Partnership With IFC To Support Hospitality Sector In Sub-Saharan Africa"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Kasada has secured a strategic partnership with the International Finance Corporation (IFC) to create a large hotel portfolio in Sub-Saharan Africa through a US$160 million debt facility, of which a US$80 million senior loan was disbursed by IFC and Proparco to finance the first transaction of the fund.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Kasada Capital Management (Kasada), the investment platform within Kasada Group dedicated to hospitality investments in Sub-Saharan Africa, today announced that IFC will form a partnership with Kasada Hospitality Fund LP by providing senior loan financing to accelerate Kasada\u2019s strategy of building a strong and resilient hotel portfolio across sub-Saharan Africa. <\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">IFC will extend up to US$160 million of debt funding to Kasada, backing its plan to support the hospitality sector and instil globally recognised ESG practices in its hotels.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The first loan granted by IFC, in collaboration with Proparco as a parallel lender is to finance, on a long term basis, Kasada\u2019s acquisition of eight Accor-managed hotels, run under the Pullman, Novotel and Ibis brands, in Abidjan, Ivory Coast (4 hotels); Dakar, Senegal (3 hotels); and Douala, Cameroon (1 hotel). Kasada completed this acquisition on December 31, 2020.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">This initial \u20ac67.5 million (US$80 million) senior loan package provides capital expenditure to refurbish and improve the properties while helping to achieve higher operating efficiencies and meeting ESG goals.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The announcement follows Kasada\u2019s recent signing of the 414-key Safari Hotels and Conference Centre in Windhoek, Namibia, bringing Kasada\u2019s portfolio to a total of ten hotels and over 2,000 keys in four countries.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">David Damiba, Managing Partner and CIO, Kasada, said; \u201cThis innovative partnership with IFC is the first of its kind in Sub-Saharan Africa and comes at a time when many commercial banks are retreating from the market. The combination of Kasada\u2019s expertise and IFC\u2019s commitment have helped derive a creative solution to a major challenge in African hospitality: providing efficient, bespoke financing to a sector facing an unprecedented crisis.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Olivier Granet, Managing Partner and CEO, Kasada, said; \u201cThis transaction is a game changer to accelerate Kasada\u2019s development and reinforce our ability to support the hospitality sector in Sub-Saharan Africa at this critical time in our industry. I would like to thank Soci\u00e9t\u00e9 G\u00e9n\u00e9rale for initially providing the bridge financing for the transaction, and both IFC and Proparco for their commitment to providing a customized long-term financing solution. We look forward to working closely with IFC and Proparco to achieve the highest guest satisfaction and ESG standards across our portfolio.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Olaf Schmidt, IFC\u2019s Manager for Real Estate, Hotel &amp; Retail, Health &amp; Education and Manufacturing Investments in Africa , said: \u201cTravel and tourism are vital to many economies across Africa and the hotel industry is a critical part of the sector supporting job creation. IFC has established this strategic partnership with Kasada to help build a large-scale tourism platform and support the hospitality sector as it navigates the short- and long-term economic impacts of the COVID-19 pandemic.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Denis Sireyjol, Proparco\u2019s Global Head for Manufacturing, Agribusiness and Services, said: \u201cIt is an honour for Proparco to contribute with IFC to the launch of such an ambitious hospitality player as Kasada. The hotel sector is a major jobs provider and has been heavily affected by the health crisis, especially on the African continent. By supporting Kasada&#8217;s first acquisition, Proparco demonstrates its counter-cyclical role, which is to remain active in difficult times in key countries such as Senegal, C\u00f4te d\u2019Ivoire and Cameroon.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kasada has secured a strategic partnership with the International Finance Corporation (IFC) to create a large hotel portfolio in Sub-Saharan Africa through a US$160 million debt facility, of which a US$80 million senior loan was disbursed by IFC and Proparco to finance the first transaction of the fund. Kasada Capital Management (Kasada), the investment platform [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4894,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2456],"tags":[3092,3094,3093,1561],"class_list":["post-4893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-hospitality-sector","tag-ifc","tag-kasada","tag-sub-saharan-africa"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4893"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4893"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4893\/revisions"}],"predecessor-version":[{"id":4895,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4893\/revisions\/4895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/4894"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}