Kenyan firm to fund $34m city complex

A Kenyan equity firm, Fusion Capital, is partnering with Kigali Heights, a local real estates developer, to develop a $34 million shopping complex in Kimihurura, Gasabo District.The complex will be constructed on a plot formerly occupied by the Kacyiru Post Office.“The commercial building will be a dual tower office and retail block, with a nine-storey block overlooking the boulevard facade and a six-storey block overlooking Kimihurura roundabout, according to the statement.The blocks, expected to occupy a 30,000 square metre land, will be Fusion Capital’s first real estate investment in Rwanda.Fusion Capital is the principal financier of the project, with Kigali Heights Development Company the real estate partner.“We are excited that we have a trusted and active financial partner in this development. It is great to have Fusion Capital on board; we value their experience and capability, which they have demonstrated from the onset of this process,” said Denis Karera, the managing director of Kigali Heights.Luke Kinoti, the group chief executive of Fusion Capital said: “We look forward to providing long term local financial solutions that support the sustainable growth of the Rwandan economy.”He said his company will play a prominent part in this investment to ensure the development of superior quality office space with modern facilities is realised.The ground breaking ceremony for the commercial building will be this week, according to developers.Established in 2006, Fusion Capital currently operates in Tanzania, Uganda, United Kingdom, Kenya and Rwanda, and is also planning to launch operations in Burundi.Fusion’s products include private equity financing, real estate and money market.Investments in 2013The 2013 World Bank Doing Business Report ranked Rwanda the third easiest place to do business in Sub-Saharan Africa, after Mauritius and South Africa.“Rwanda makes it easier for both international and local investors to do business. Investing in quality office, retail and leisure real estate is crucial to providing the infrastructure to service and support Rwanda’s growth,” the statement adds.Statistics show that Rwanda Development Board registered investments worth $1.2 billion (about Rwf800 billion) between January and June this year.The investments represent 58 domestic projects, worth $ 509.1 million, 22 foreign projects, worth $406.9m, and nine joint ventures worth $338.1 million.Kigali heights was established in 2010 with the objective of constructing and developing the Kigali heights office block, the promoters of company have over 10 years experience in real estate and property development.

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Kenyan firm to fund $34m city complex