Besides Karen, other developments in the deal pipeline are in Lukenya, Mavoko, Athi River, Kiambu and Ruaka. Mr Dande said it would take on average five years to complete the projects.

 

He said the project will be financed through a mixture of debt and equity. Of the eight projects, he said the most advanced is the prime residential part of the deal pipeline, part of the Amara Ridge. Scheduled to break-ground in August 2015, Amara Ridge is a 5-acre aspirational gated community in Karen. The development is located opposite the upcoming Bomas International Conference Center and when fully operational, the investor hopes it will complement the on-going efforts to address Kenya’s position as a conference destination.

 

In addition to Nairobi, the company has projects in Mombasa and Mt Kenya region. “One of our principle investors is called Talleri, which is a $4 billion (Sh388 billion) company out of Finland that has looked into this market and decided that they are going to Cytonn as their investment partner for Real Estate in this region.”

 

 

On the Cytonn Real Estate, Mr Dande said: “As you may know the Cytonn team has been together over the last four years pushing on this real estate agenda at various platforms and finally we decided that it was time for us to create our own development affiliate in order to be focused on development.”

 

Cytonn’s Chairman Prof Daniel Mugendi Njiru said,“The board is fully confident that management will deliver on these ambitious real estate targets. Achieving this will deliver attractive returns to our investors, transform communities, create jobs and improve standards of living.”

Source : in2eastafrica.net