Rating agency, Agusto & Co has again assigned a “Bbb-“ rating to Smart Residences Limited (SRL), thus reaffirming the company’s satisfactory financial condition and capacity to meet obligations as and when due.
In 2022, Agusto assigned Bbb- rating to Smart Residences Ltd, noting that the young hospitality and real estate firm presented commendable profitability and cash flow levels.
Augusto said the firm’s healthy financials were supported by the steady growth in the company’s operating capacity since its inception in 2020.
It commended the favourable terms with the company’s customers and creditors, saying the rating takes into consideration the sensibility of SRL’s operations to extrinsic factors such as the rising energy and other costs worsened by inflationary and exchange rate pressures and the potential adverse impact on margins.
Smart Residences Limited is a strong player in the hospitality and real estate sector with operations in the Federal Capital Territory, Abuja.
The company has shown resilience, and creativity and promoted the delivery of beautiful living spaces in the promotion of hospitality in Nigeria.
The company started operation at the peak of the COVID-19 pandemic in 2020 as a provider of serviced short-let apartments (including The Glass Residence and The Residence), to corporate and individual clients, generating revenue and cash flows from rental income.
The company owns and operates under the GIDANKA and HOMEAWAY Trademarks.
Today it has expanded with the launching of The Destination, an over 110 upscale serviced-apartment edifice in the heart of Wuse 2, Abuja and another upscale 40-serviced apartments in the Jabi district of the FC’s called HomeAway, giving the company the largest footprint in residential hospitality in Nigeria, boasting of over 200 uniquely designed suites.
The firm is further solidifying its position as the category king in residential hospitality in the country while also diversifying into residential and commercial real estate development through Infinite Acres, a wholly owned subsidiary by developing top-of-the-range residential and commercial real estate Assets in prime neighbourhoods and locations that can be fully or fractionally owned by buyers and investors. The Prestige, The Definition,
The Metropolis, Uptown and Casablanca Villas are some of the Iconic projects the company has in its pipeline and currently undergoing development.
