Newlyn Group has secured R5 billion in financing from Absa Corporate and Investment Banking to fund the development of logistics infrastructure across key freight corridors in South Africa.
The integrated financing package would support the ports logistics and infrastructure developer's national development pipeline, including projects at coastal and inland logistics hubs, said Rajendra Balmakhun, Newlyn Group founder and CEO, adding that the funding would provide the company with liquidity to expand its development activities while supporting its balance sheet.
“We are pleased to announce that Absa CIB has developed a bespoke real estate solution at favourable terms for Newlyn Group, unlocking liquidity to enable our growth at scale, while at the same time supporting our ongoing balance sheet strength,” Balmakhun said.
The company has developed and invested in specialist port logistics infrastructure in South Africa since 1996. Its portfolio comprises 32 logistics parks and properties with more than 1.3 million square metres of gross lettable area. Newlyn also has a two-million-square-metre landbank and 200 000 square metres of developments currently under construction.
The company said its development pipeline included logistics facilities at key coastal and inland freight hubs, as well as bulk cargo terminal developments intended to improve efficiency in the bulk logistics sector.
