Vanguard Properties Developments Company Limited (VPDC) was incorporated as a private limited liability company under the Companies Code 1963 (Act 179) on 18th September, 2006. The company is registered with one billion shares of no par value, of which nine million (9,000,000) shares have been issued for GHC900,000.00 to the three shareholders – Vanguard Assurance Company Limited, Vanguard Life Assurance Company Limited, and City investments, Company Limited – each of them holding one third of the company. The first phase of VPDCL consisted of it being used as a special purpose vehicle for the building of the current six-storey office block for the Vanguard Group which was completed in March 2009. The revenue stream of the company at this stage is made up of the rent income accruing from the occupation of the office building. This is largely applied in repaying the loan that was contracted from a bank to help finance the cost of the building. The second phase of the company’s existence – which will kick in at the beginning of 2012 – consists of actualizing the essence of the company by positioning it to cater for the ever-increasing housing needs of clients of the Vanguard Group of companies, as well as address the acute housing delivery shortfall in the country which is estimated by the 2010 Population Census to stand at some 1.2 million housing unit.