Global Credit Rating (GCR), the renowned financial sector rating agency, has officially verified the completion of the repayment of the N3.5 billion Series 1: 3-Year Bond by Lekki Gardens Estates Limited, Nigeria’s leading real estate investment company. The repayment was concluded on the specified maturity date in January 2024, as confirmed by an announcement featured on the agency’s website.
Introduced in January 2021, the N3.5 billion 3-Year Series 12.00 per cent Bond marked Lekki Gardens’ debut in the Nigerian debt capital market. Subsequently, in June 2022, the company launched a N25 billion Commercial Paper programme, demonstrating its commitment to diversified financing approaches. Lekki Gardens successfully redeemed and repaid subscribers of the N4.18 billion Series 1 (Tranches A & B) issuances under the Commercial Paper programme in April and June 2023, respectively.
Recently, Global Credit Rating (GCR) reaffirmed Lekki Gardens’ national scale long-term and short-term issuer ratings of BBB+ and A2, respectively, maintaining a stable outlook. GCR highlighted Lekki Gardens’ commendable leverage metrics and well-managed liquidity, factors that have sustained its competitive position within the Nigerian property development sector.
As Nigeria’s foremost property development company, Lekki Gardens has an impressive track record, delivering over 15,000 residential and retail units since its inception in 2012. The company is actively engaged in various ongoing projects located strategically in Lagos, Rivers, Ogun states, and the Federal Capital Territory.
