Mellon sets up €25m fund to provide SA mortgages

Property developer and philanthropist Niall Mellon will this week sign a$25 million deal with Merrill Lynch to broaden the activities of his housing trust in South Africa.

30th August, 2008

Property developer and philanthropist Niall Mellon will this week sign a$25 million deal with Merrill Lynch to broaden the activities of his housing trust in South Africa.

Merrill Lynch will give the$25 million to a South African bank, which will lend it as mortgages to local people in the South African townships. By the end of this year, the Niall Mellon Township Trust will have built 11,000 houses in the townships, mainly during the trust’s...

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