InfraCo Africa becomes anchor investor in Acorn Holding’s US$10m REIT

KENYA – InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has subscribed to the Acorn Holdings Ltd (Acorn) Real Estate Investment Trust (REIT) by investing US$10 million enable Acorn to scale its business. The investment will help build the company’s track record of delivering purpose-built student housing in Kenya and helping to mobilise local capital markets. “This subscription marks our first investment into affordable housing, and I am delighted to take this step with Acorn, a well-respected developer of high quality student accommodation,” InfraCo Africa’s CEO, Gilles Vaes noted. “Expanding Acorn’s…

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Kenya to receive US$72.8m from UK for affordable housing scheme

KENYA – Th United Kingdom has pledged US$72.8 million to Kenya to fund the construction of affordable housing. UK Foreign Secretary, Dominic Raab said that the funding which will come in tranches, is part of the UK government’s support of President Uhuru Kenyatta’s vision of providing 100,000 affordable housing to Kenyans. Of this amount, US$9 million will be from the UK funded InfraCo and another US$63.7 million from private investors, both coming in as part of the UK government’s investment on infrastructure in Africa. “The US$72.8 million deal including US$9million…

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Kenya’s capital markets regulator CMA approves Acorn hostel reits

KENYA – Market regulator Capital Markets Authority of Kenya (CMA), has approved the issuance of a development and investment real estate investment trust (Reit) by student hostel developer Acorn, setting the stage for accelerated development in the capital city Nairobi. The Reit approval follows the issuance of a Reit Manager licence to Acorn last month, with the firm also having issued the first country’s first green bond in October 2019. Acorn had disclosed in a roadshow presentation to potential investors in September that the D-Reit is expected to be worth…

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Property developer Acorn set to build two new hostels

KENYA – Student hostels developer Acorn Holdings has lined up two new projects next to Kenya’s University of Nairobi’s Chiromo campus that will host about 3,000 students. Acorn, known for its accommodation brands Qwetu and Qejani, will spend part of the US$39 million green bond resources to construct the two properties via the special purpose vehicle, Ashvale Properties LLP. Using the Qejani brand, an 18-floor property hosting 704 units accommodating 2,112 students, will be built on a plot on Science Crescent Road off Riverside Road. The low-cost Qejani brand has…

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Property developer Acorn eyes students with Sh1.9bn hostels in Nairobi

KENYA – Property developer Acorn Holdings is rolling out a 3,591-room hostel on a five-acre plot in Karen suburb of Kenya’s capital city Nairobi, targeting students from a local university, Catholic University of Eastern Africa (CUEA). Environmental impact assessment filings by the firm said the land was acquired from the university.  Spruce Properties LLP, a fully owned subsidiary of Acorn will implement the $18.9 million project. “The parcel of land was acquired from CUEA with the sole understanding that it be developed into students hostels as the university had previously…

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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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EAIF invests US$13m in property developer Acorn Holdings’ Green Bond

KENYA – Emerging Africa Infrastructure Fund (EAIF), an infrastructure fund managed by Investec Asset Management, invested 1.3 billion shillings (US$13m) in the green bond issued by Nairobi-based property developer Acorn Holdings, during the past week. According to Cytonn Investments, the total funds raised via the green bond amounted to 4.3 billion shillings (US$43m), with the funds being raised mainly from pension funds, development finance institutions, and commercial banks. The funds raised in the green bond deal are meant for the construction of affordable student housing projects, where Acorn is set…

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