Kasada closes €15m debt facility for Abidjan hotel
Kasada recently closed a €15 million debt facility provided by the Africa Go Green Fund.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Kasada, the pan-African hospitality investment platform, recently closed a €15 million debt facility provided by the Africa Go Green Fund (AGG), managed by Cygnum Capital.
The facility will provide finance for a greenfield hospitality development in Abidjan, Côte d’Ivoire. The project, to be located in the Angré district, will feature a hotel with a total of 170 keys, co-working facilities under the Wojo brand, and a dedicated conference and exhibition venue.
David Damiba, co-CEO and managing partner of Kasada, said: “Côte d’Ivoire as a whole is an important investment destination for us, and we already own five hotels in Abidjan, operated by the Pullman, Novotel and Ibis brands Throughout the development, we are investing in energy-efficient infrastructure to mitigate greenhouse gas emissions. This will enable the hotel, once open, to reduce its electricity and water consumption and embodied carbon in materials – demonstrating measurable environmental gains alongside economic impact.”
Laurène Aigrain, managing director of the Africa Go Green Fund, commented: “AGG is proud to support this greenfield project, which is a high-impact development that will foster local economic development. This collaboration reinforces AGG’s ambition to fund green buildings that deliver both profitability and sustainability. By investing in these type of projects, AGG continues to demonstrate its ambition to create long-term value for communities, the environment, and investors alike. Kasada is truly leading the charge on sustainable and environmentally conscious hospitality offerings across the continent.”
Read more from How we made it in Africa: African hospitality investor sees potential for economy/mid-range hotels
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here