European fund InfraCo Africa snaps up $10 million Acorn hostels stake

KENYA – European fund InfraCo Africa is set to buy a $ 10 million stake in student hostels developed by property developer Acorn Holdings. Documents availed the Business Daily, a daily local newspaper show that InfraCo, owned by the governments of UK, Netherlands and Switzerland is among the investors approached by Acorn to invest in new vehicles that will own the properties. Acorn is creating a development real estate investment trust (D-Reit) which will build the student hostels. It is also establishing an investment real estate investment trust (I-Reit) that…

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Acorn Holding becomes the first green bond to be listed in Kenyan shilling lists on London Stock Exchange

KENYA – Acorn Holding, a property developer, has listed the first shilling-denominated green bond programme on the London Stock Exchange (LSE), marking a step forward in the bid to open up Africa’s local currency bond market to international investors. Low global rates have bolstered demand for Kenyan and other frontier market local currency government bonds, but corporate risk has proved a stretch too far for most international investors, meaning that access to funding for African corporates is limited to local sources. Acorn Holding’s green bond comes with a guarantee by…

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Acorn Holding lists its green bond programme on the London Stock Exchange

KENYA – Acorn Holdings Ltd. (Acorn), the largest Purpose-Built Student Accommodation (PBSA) property developer in Kenya, has dual-listed its US$43 million (KSh4.3 billion) green bond programme, on the International Securities Market (ISM) of London Stock Exchange. To celebrate the Acorn bond programme listing, David Schwimmer, CEO of London Stock Exchange Group, welcomed H.E. President Uhuru Kenyatta of Kenya, the Rt Hon Alok Sharma, UK Secretary of State for International Development, and Edward Kirathe, CEO Acorn Holdings Ltd. to open London’s markets for trading today. The bond programme first listed at…

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