Kigali Heights, a commercial complex that was until recently owned by Fusion Capital Group, has been acquired by Yyussa Company in a transaction that developers say was worth $31.8 million (about Rwf42.8 billion).

Fusion Capital Group, a Kenyan and UK-owned real estate firm, led the financing and development of the site, completing work in 2016 and the building was opened for trading on December 5.

The group described the sale of the complex as a good outcome for Fusion Capital Group. The transaction was assisted by international lawyers IKM in Nairobi and Equity Juris Chambers in Kigali.

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"The development has been a great success commercially, consistently achieving 95%+ occupancy, and housing some of the best known retail and commercial occupiers in the Rwandan market,” said Fusion Group CEO, Daniel Kamau.

"This sale marks the end of a long-term project for us in Kigali, but is not the end of our involvement in Rwanda, as we seek new investment opportunities in the country,” he added.

Kigali Heights is a commercial development and retail mall situated in the vicinity of the Kigali Convention Centre, housing some of the most popular domestic and regional brands such as Simba Supermarket, Java House, and Riders Lounge.

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Phil Goodwin, the UK investor behind Fusion Capital, who also chaired Kigali Heights Development Company Ltd, said that Kigali Heights started with local investors owning only 5 per cent shareholding in the complex.

"It was exciting to see Kigali Heights move from 5% local ownership to 100% local ownership,” Goodwin, Chairman of Fusion Group, said.

Yyussa Company Limited, which acquired the complex, is a local real estate firm, led by Yusuf Kalinganire.