Major Helios funding takes Trustco to the next level in property development
Trustco Group Holdings announced on Wednesday it has managed to secure another U$40 million, roughly N$540 million, in funding from Helios Credit Partners, a venture capital financial group in the UK. This brings Trustco’s total secured funding over the past six months to an impressive N$1 billion.
Trustco announced on 16 November last year, its dividend payment has been deferred. Trustco historically paid out November dividends by the first week of December.
Trustco Group Managing Director, Dr Quinton van Rooyen said in a statement that the group is cementing its reputation as an engine for creating sustainable wealth for all its stakeholders by focusing on raising foreign funding to supplement local markets. “Namibia has always had a great advantage over other African countries when it comes to sourcing foreign capital – our stability and our people. “
“Trustco sees great unlocked economic potential in Namibia. By securing financing for property development, we seek to invigorate the property market and provide that initial asset to ordinary Namibians on their way to realize the Namibian Dream” he continued.
According to the Trustco statement, the Helios funding represents one of the largest debt financing transactions secured by a Namibian private sector company.
In November 2016, Trustco secured funding from the European Investment Bank of Euro7.5 million (N$107 million) for SME financing.
“The loan from Helios Credit Partners is extended by funds advised by Helios Investment Partners through its direct lending platform, and will capitalise Trustco’s growth in its property segment in Namibia.”
Trustco stated that it expects to finalize several more funding transactions of up to N$500 million over the next few months, which will be partly utilized for new acquisitions and further expansion into private education.