MCB Capital Markets, the investment banking and asset management arm of MCB Group, the largest banking group in Mauritius, acted as Transaction Advisor to AEGIDE DOMITYS and 2Futures on the EUR 58.5 million structuring and capital raise for the construction of Le Domaine de Grand-Baie (“LDGB”), a 155 unit senior serviced residences located in Grand Baie, Mauritius.
AEGIDE DOMITYS, a subsidiary of NEXITY (EPA: NXI), is the leading developer and manager of senior serviced residences in France and Belgium. In line with its international growth strategy, AEGIDE DOMITYS will, in partnership with 2Futures, act as co-developer for the construction of LDGB. Thereafter, AEGIDE DOMITYS will operate and manage the residences under a triple net lease.
Underpinned by an ageing population and the lack of modern purpose built residences for the elderly, global investor allocation to healthcare and retirement real estate continues unabated. As the first senior home in Mauritius to be developed under the specifications of a specialist operator, LDGB is well positioned to capture the market opportunity. The project is also the first in Mauritius to be fully financed by institutional investors. In the past, such projects have been sold to individual investors.
Frederic Walther, Managing Partner of AEGIDE DOMITYS, commented: “The Domaine de Grand Baie is our first project outside of Europe and is a fundamental part of our international growth strategy. The successful funding of this ambitious project is a strong testament of investor confidence in AEGIDE DOMITYS. We are delighted to be in partnership with MCB Group and 2Futures in this exciting new phase of our development.”
Dean Yeadon, Chairman of 2Futures, commented: “Our partnership with AEGIDE DOMITYS is a key component of our growth and diversification strategy.We are confident that we will be able to overcome the technical challenges associated with a purpose-built senior home and meet the stringent standards set by a leader in the field. We thank MCB Capital Markets for their innovative thinking and outstanding commitment in seeing this transaction through to its completion.”
Rony Lam, Chief Executive Officer of MCB Capital Markets, commented: "The arrival of professionally developed and managed senior residences marks the beginning of a significant new segment for the local real estate sector and the economy in general. We are delighted to collaborate with AEGIDE DOMITYS and 2Futures on this first project, which paves the way for the development of further senior residences in Mauritius and beyond. This transaction demonstrates the ability of our team to structure and execute complex transactions, and our unwavering determination to deliver successful outcomes for our clients.”
About AEGIDE DOMITYS
AEGIDE DOMITYS, founded in 1998, currently manages 10,000 apartments across more than 80 senior serviced residences in France and Belgium. Each residence typically consists of apartments of between one and two bedrooms with a “Club area” of over 1,000 sqm encompassing a swimming pool, a restaurant, spa and fitness facilities, a beauty salon and a library. The residences are designed for independent or fragile citizens looking to age in a secure, comfortable and friendly atmosphere. AEGIDE DOMITYS has more than 2,300 employees and generated annual revenues of EUR 350m in 2017.
About 2Futures Ltd
2Futures is a leading real estate developer based in Grand Baie and has been at the forefront of the Mauritian real estate market since 2007, creating luxury residential and institutional grade commercial properties. The company has developed and sold over 385 apartments on the island to date with generated revenues of MUR 13 billion.
About MCB Capital Markets
MCB Capital Markets is the investment banking and asset management arm of MCB Group, the largest banking group in Mauritius. The company provides a broad range of services under one roof, including corporate finance advice, asset management, stockbroking, private equity, structured products and registry services. Based in Mauritius, the team works with clients wishing to start or grow their operations in Africa and helps them develop solutions that meet their financing, strategic and investment objectives.