Veritasi Homes & Properties Plc has officially opened the book-building phase for its Series 1 Bond Issuance, marking a significant step in the company’s long-term capital-raising plans. The issuance is the first tranche under Veritasi’s N30 billion Bond Issuance Programme and is structured with a target size of up to N10 billion. The book build opened on Monday, November 17, 2025, and will run until Wednesday, November 26, 2025, offering qualified investors the opportunity to participate in one of the market’s most anticipated real estate-backed debt offerings for the year.
The Series 1 Bond comes with a pricing guidance range of 19.00% to 20.00% per annum, reflecting current market conditions and investor appetite for secure, yield-driven instruments. With a three-year tenor, the bond also features a six-month moratorium on principal, providing Veritasi additional flexibility in deploying capital toward its flagship development pipeline. Minimum subscription is set at N10 million, equivalent to 10,000 units priced at N1,000 per unit, making it accessible to pension funds, asset managers, insurance firms, and other institutional investors seeking exposure to structured real estate investments.
Proceeds from this bond issuance will be directed towards Project Oyster Towers, an 82-unit luxury residential development situated in the premium Eko Atlantic City district. The project has already demonstrated strong market traction, with 63% of the units subscribed under a pre-existing agreement with Cooplag. The bond proceeds will support ongoing construction and completion milestones, ensuring Veritasi maintains its track record of delivering high-value residential products in Nigeria’s competitive upscale real estate segment.
To strengthen investor confidence, the Series 1 Bond is secured by an existing deed of debenture over Veritasi’s assets. These assets have been independently valued at an Open Market Value (OMV) of N57.19 billion and a Forced Sale Value (FSV) of N40.04 billion, providing substantial collateral coverage. Additional credit enhancements include domiciliation of receivables from units already sold in Oyster Towers, offering further assurance of liquidity and repayment capacity.
The issuance benefits from robust credit assessments by reputable rating agencies. The Bond itself carries an A rating from GCR and A from DataPro, while the company maintains strong long- and short-term issuer ratings across the two agencies—affirming its financial stability, operational governance, and capacity to meet debt obligations.
Pathway Advisors Limited is serving as the Lead Issuing House and Bookrunner, working alongside a consortium of Joint Issuing Houses including FirstCap Limited, Renaissance Capital Africa, SCM Capital Limited, Wealthbridge Capital Limited, and Lighthouse Capital Limited. The bond will be listed on the FMDQ Securities Exchange, further enhancing its visibility, secondary market liquidity, and compliance with regulatory standards. The issuance has been duly registered with the Securities and Exchange Commission (SEC) Nigeria.
Qualified institutional investors are invited to participate in the book-building process and access the Investor Data Room, which contains detailed offer documents, financial disclosures, and due-diligence materials.
For further enquiries regarding participation, prospective investors may contact:
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Opeyemi Akanbi – opeyemi@pathway.ng | 0902 743 2796
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Idris Busari – idris@pathway.ng | 0802 688 6728
