Africa’s largest mezzanine fund manager Vantage Capital has provided $10 million of mezzanine funding to Cap Tamarin, a residentially-focused “Smart & Happy” Village located on the west coast of Mauritius in a seaside village called Tamarin.
The promoter of the transaction is Trimetys through its subsidiary, Cap Tamarin Ltée, a Mauritian-based diversified real-estate, hospitality, education and agricultural group. Since their first real estate project in 1998, Trimetys has developed a variety of different projects on the island which include hotels, sport centres, a shopping centre and a school as well as constructing more than 300 residential units.
Cap Tamarin will create an integrated environment that is technology-focused, intelligent, innovative and sustainable. The development has already received the prized Smart City Scheme certification from the Mauritian government, and upon completion will span over 400,000m2 comprised of residential units made up of a combination of apartments, senior homes (non-medicalised and medicalised), villas and individual houses.
The development will benefit from a comprehensive range of public services such as schools, a smart citizen advice office, a post office as well as cultural and innovation centres. The innovation centre will be used by start-ups, SMEs and research-based organisations to stimulate innovative activities which are a core component of the Smart City Scheme. The development will also expand on the existing commercial office and retail spaces.
Warren van der Merwe, Chief Operating Officer of Vantage Capital, said, “Vantage Capital is excited to partner with Trimetys to make our first Mauritian investment in a mixed-use development in a prime coastal location that manages to combine an island village lifestyle with a strong developmental impact on surrounding communities.”
Zaheer Cassim, Associate Partner at Vantage Capital, added, “Tamarin is an old fishing village that is to be transformed in an environmentally-sensitive manner into a well-planned residential area on the picturesque west coast of Mauritius. The village is surrounded by hills in the east and the beach on the west with the Tamarin River running through it and represents an ideal location for a development of this nature.”