12/12/2022
Norsad Capital, an impact investor and private creditor provider, has structured a ZAR 70 million debt facility to Manor Health Services for the development of their assisted living and frail care operations located within the Helderberg Manor Retirement Village in Somerset West, South Africa.
Assisted living and frail care completes the ecosystem of a retirement village and future planning of mature lifestyle residents. This segment offers life rights with specialised and focused care thereby further supporting families to provide suitable and immediate care for their elderly family members. This sector achieves Sustainable Development Goals 3, Good Health and Wellbeing, ensuring healthy lives and promoting well-being at all ages is essential to sustainable development. Health is a fundamental human right and a key indicator of sustainable development.
Zubair Suliman, Investment Director at Norsad Capital and transaction lead said: “Norsad Capital has been actively supporting growth in the healthcare space and this funding presents another unique opportunity, in partnership with Manor Health Services, to expand in this segment. Assisted living and frail care offers the dedicated care to the elderly and vulnerable mature residents seeking quality and swift healthcare services. Norsad Capital’s funding commitment played a catalytic role in raising a local funding line for the construction of the 50 assisted living units and the 40 bed modern frail care centre. ”
Hein Ehlers the founder and CEO of Devmark Property Group said: “We are extremely pleased with the conclusion of our first transaction with Norsad Capital. Devmark through its subsidiary, Manor Health Services, took a strategic decision to invest in the health sector and specifically in assisted and frail care. Norsad Capital immediately understood the strategic nature and growth potential of the health services in this sector. We found their approach refreshingly different to most other financial institutions and we look forward to building a long[1]term relationship with them.”
About Norsad Capital
Norsad Capital is an impact investor and private credit provider offering tailor-made debt solutions to profitable growth-stage companies that deliver desirable social and environmental impact. With a track record spanning over 32 years, Norsad Capital has invested over USD 500 million in more than 150 companies across the continent.
For more information: www.norsadcapital.com
About Manor Health Services
Manor Health Services’ assisted living and frail care facility is located within the Helderberg Manor Retirement Village, an existing 257- unit retirement village, situated in Somerset West, Western Cape, South Africa.
For more information: www.devmark.co.za
