Hospitality giant Smart Residences Limited redeems series 1 commercial paper, successfully raises series II

Smart Residences Limited (SRL), a leading indigenous hospitality firm, is pleased to announce the successful redemption of its Series 1 commercial paper and the successful raise of its Series II commercial paper with a 100% subscription rate.

The Series 1 commercial paper, which was issued on April 24, 2024, was redeemed in full on January 16, 2024, demonstrating SRL’s commitment to meeting its financial obligations.

Building on this success, SRL, the Augusto and DataPro rated firm launched its Series II commercial paper, which was met with overwhelming demand from investors. The issue was fully subscribed, with SRL raising *₦2.5* billion from the market.

“FMDQ Exchange is pleased to announce the approval for the quotation of Smart Residences Limited ₦2.46bn Series 2 Commercial Paper under its ₦2.50bn Commercial Paper Issuance Programme on its platform,” says the Chief Investment Officer, Dr Saheed Okubena.

“We are delighted with the successful redemption of our Series 1 commercial paper and the overwhelming response to our Series II issue,” says Aliyu Hassan Aminu, Chief Operating Officer of SRL.

“This demonstrates investor confidence in our business strategy and trust in our financial management.

“Going forward, we shall plough these funds into our diverse portfolio to show that indigenous firms like ours are ready to make progress with our ever improving service sector which has caught the attention of the world. We shall make Nigeria a hub of hospitality in Africa.”

The proceeds from the Series II commercial paper will be used to support SRL’s growth plans, including the expansion of the company’s hospitality portfolio.

About Smart Residences Limited:
Smart Residences Limited is a leading indigenous hospitality firm in Nigeria, with a portfolio of luxury properties, apartments (including The Destination, HomeAway, The Glass Residence, The Residence) and a commitment to exceptional service.