Actis invests in Kenya’s largest real estate project

GLOBAL private equity firm Actis, which is the major shareholder in Rwanda Commercial Bank (BCR) said on Thursday it has invested US$150m in real estate development along the Nairobi- Thika superhighway east of Nairobi.The 32-cre mixed use development dubbed “Garden City” will be the home of the largest retail mall in East Africa. Actis head of East Africa Michael Turner said Garden City offers a rare opportunity to create a large scale, world-class development directly serving the needs of Kenyan businesses, homeowners and shoppers. “We have been encouraged by the strong demand shown by both local and international retailers, who like us see Garden City as a landmark destination in Nairobi and the East African region,” Turner told journalists in Nairobi. “The inclusion of the central park and our commitment to green building measures will burnish Actis’s reputation as sub-Saharan Africa’s most experienced private equity real estate investor.” He said the retail mall will accommodate state-of-the-art commercial premises, 500 new homes and a four acre central park, offering family friendly leisure space for Kenyans and visitors to the city.The park, whose groundbreaking will take place in December with completion targeted for May 2014, will also house an outdoor events arena for the staging of concerts and shows. The retail mall will include a flagship store for Game, their first in Kenya. Turner said detailed discussions are progressing with other foreign retailers looking to enter the rapidly expanding Kenyan market, such as South African fashion group, Foschini.Garden City occupies a prime location, serving a catchment area of 1 million people and the site benefits from access off Thika highway, East Africa’s busiest road which has been recently expanded from a four lane to an eight lane highway. The project is planned to be the first Leadership in Energy and Environmental Design (LEED) certified retail mall in East Africa to bring down operating costs for tenants by reducing electricity and water consumption. Xinhua

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Actis invests in Kenya’s largest real estate project