Sterling Bank commits to retail real estate financing
Sterling Bank Plc has been commended for stepping in to provide critical financing for development projects in the country particularly at a period of recession.
Speaking at the inauguration of the Crown Court Durumi, Abuja, a project wholly financed by the bank, Darl Uzu, managing director/Chief Executive, Crown Realities Plc, said the financial institution had proven to be a dependable partner in a time of need.
He told guests, including the Minister of the Federal Capital Territory (FCT), Mohammed Bello who was represented by the Permanent Secretary of the FCT, Umar Jubril that the bank had been responsive to the credit needs of Crown Realities and the real estate sector.
He said “At the height of the recession when funds were scarce and investors’ confidence were at its lowest, Sterling Bank supported the Phase 1 of Crown Court Durumi. The bank has proven to be a dependable partner in progress to Crown Realities Plc.”
In addition, the leading real estate developer assured the bank of its unwavering commitment to its financial obligation. “We promise that we’ll not disappoint Sterling Bank and will ensure we further strengthen the confidence reposed in us. We’ll always do our part every time”, Uzu informs.
On his part, Executive Director, Commercial and Institutional Banking, Sterling Bank, Lanre Adesanya described the bank’s partnership with Crown Realities as a huge success. He said the real estate development company had been tested and found to be well-managed, prudent and cost efficient.
Speaking to journalists at the occasion, he said the bank had made significant commitments in the real estate segment especially in Lagos. These include a 360 low cost housing unit in Amuwo Odofin, 210 semi-detached housing estate in Agungi-Lekki, 539 units of apartments in Lekki Phase 1, and additional 566 mixed housing units on the same axis in Lekki.
Adesanya added that the bank has done quite well in retail real estate financing and was ready to provide credit to real estate developers who emulate Crown Realities’ prudent project selection and management model.
“We are happy to be part of the success of Crown Court Durumi. This is another landmark project which further strengthens our partnership with Crown Realities Plc. It means that Sterling Bank will always do more with a trusted party who never disappoints, and that’s what Crown Realities has proven to be – a trusted party.
“This partnership is a success to the bank. It’s a thing of pride for the bank that we’ve supported a project that has worked and goes further to showcase the bank as partners in progress with project developers. And we are willing to do more for whosoever is willing to do what Crown Realities has done.”
Crown Realities is a leading real estate development company with significant investment in residential and commercial properties in Lagos and Abuja.
They include Crown Hotel & Apartments Limited, Ikoyi-Lagos, Crown Hotel & Apartments Limited, Oniru -Lagos, Crown Court Mabushi –Abuja, and Crown Estate, Ajah – Lagos.