Calgro lining up cheaper $25m loan
August 2018 that it termed 'among the most difficult experienced by Calgro M3', the property developer is now looking at cheaper finance for its housing and allied projects
JSE-listed property developer Calgro M3 is in talks with an unnamed development finance institution for $25m in unsecured funding for the firm’s future projects, says CEO Wikus Lategan. Calgro builds large-scale integrated developments, rental units and private memorials. The new funding will be in addition to the €25m it secured from Proparco, the private sector financing arm of French development bank Agence Française de Développement. Lategan said the company would implement the new property projects in 12 months.