Property developer Acorn Holdings launches construction of a US$17.6m students hostels

KENYA – Real estate developer Acorn Holdings through its subsidiary Spruce Properties Limited Liability Partnership, has launched the construction of its US$17.6 billion student accommodation hostels in Nairobi’s Karen under the Qwetu and Qejani brands. The 3,591 room-hostels will sit on a 5-acre plot, comprising nine residential blocks, which are expected to be completed by the end of 2022. The development is expected to serve about 10,000 students from JKUAT Karen Campus, Catholic University of East Africa, Cooperative University, Kenya School of Law and other institutions around the area. According…

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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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Shelter Afrique to construct 10,000 affordable homes in Rwanda

RWANDA – Shelter Afrique has approved the development of a 10,000 integrated and sustainable large scale housing project in Kigali, Rwanda. The project is being implemented in partnership with Rwanda Social Security Board (RSSB), Ultimate Developers Limited (UDL), Development Funding Institution (DFI), Eastern and Southern African Trade & Development Bank (TDB), The Development Bank of Rwanda(BRD) and an internationally acclaimed large scale Engineering, Procurement and Construction (EPC) contractor. The project is expected to cost approximately $400 million out of which TDB has approved a facility worth US$150 million to Shelter Afrique to support…

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Moroccan companies, Palmeraie Developpement, INVIMO win housing project contract in Cote d’Ivoire

COTE D’IVOIRE – Moroccan housing operator “Palmeraie Developpement” has signed a convention with Cote d’Ivoire’s government to build 15,000 accommodations for Ivorian teachers. According to Morocco World News, Palmeraie Developpement will be part of a consortium of companies that will deliver new houses to Ivorian teachers. The signing of the contract was attended by several Ivorian officials, including Minister of Construction Bruno Kone and Minister of National Education Kandia Camara. The Moroccan Ambassador to Cote d’Ivoire, Abdelmalek Kettani, also took part in the contract signing ceremony. Moroccan based construction company…

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Egypt, Kuwait sign US$1bn deal to fund phase II of Sinai development programme

EGYPT – The Arab Republic of Egypt and the State of Kuwait have signed two deals that will accelerate the implementation of phase two of Sinai development programme. The first deal signed between the two countries was on the framework agreement to fund the second phase of Sinai development programme. The total amount of funds included in the first deal was US$1 billion. The second deal was worth US$86 million to be used in the completion of infrastructure projects in the Sinai Peninsula. The two deals were signed in the…

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Ghana secures US$23.8 million for rehabilitation of Dome-Kitase Road Project.

GHANA – The Ghanaian government has secured US$ 23.03 million (7 seven million Kuwaiti Dinars) loan from the Kuwait Fund for Arab Economic Development to finance the rehabilitation of Dome-Kitase Road Project. The Ghanaian government was represented by Mr Ken Ofori-Atta, the Minister of Finance, while Mr Nedhal Alolayan, Deputy Director-General of the Kuwait Fund for Arab Economic Development represented the fund during the signing of the loan agreement. The Kuwait Fund loan will cover about 64 per cent of the total costs of the Project, while the remaining costs…

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South Africa’s Group Five to save up to 3,500 jobs in restructuring programme

SOUTH AFRICA – Group Five limited, a South African construction firm expects to save between 3,000 and 3500 jobs through the sale of its assets to other entities as part of the new restructuring programme. According to Business Live, the company’s Rescue practitioners, Peter van den Steen and Dave Lake, announced that it will present to its creditors a solid plan which was published before the end of august for approval on September 11.  The business rescue plan outlined three distinct trading periods: The period from the start of the…

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Lafarge Africa approves the sale of its South African subsidiary for US$316 million

NIGERIA – Lafarge Africa Plc, a pan African cement manufacturer headquartered in Nigeria is set to offload Lafarge South Africa Holding Limited (LSAH)to LafargeHolcim Group for the sum of US$316.2 million. This follows the shareholder’s approval of the proposed sale of the unit during the company’s Annual General Meeting (AGM) which happened in Lagos, Nigeria. Speaking on the approval of the proposed sale of its South African subsidiary, the company’s Chairman, Mr Mobolaji Balogun, disclosed that LSAH sale would be beneficiary to all shareholders. According to Balogun, the sale would ultimately…

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Safari Investments receives US$130.13m buyout offer from Comprop

SOUTH AFRICA – Johannesburg Stock Exchange mall owner, Safari Investments has received a US$130.13m (R1.8bn) buyout offer from unlisted Community Property Company (Comprop). The offer comes at a time when Fairvest and Safari are preparing for a “friendly merger”, which the duo announced in March that would create a company with US$433.76 million (R6bn) worth of assets. Comprop has offered Safari’s shareholders R5.90 (US$0.43) per share, a hefty 38.5% premium compared to Friday’s closing price of R4.22 (US$ 0.31) and could mean an end to Safari’s proposed merger with peer…

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Safari Investments to acquire Fairvest Property shares ahead of merger plans

SOUTH AFRICA – Safari Investments has unveiled that it will make an offer to buy out Fairvest Property Holdings via a share-swap deal, after the two property companies announced their plans for a merger. Safari and Fairvest, which both focus on lower-income retail properties, said that the deal would “unlock enhanced efficiencies in the management of both companies’ property portfolios”. The combined entity would be managed by Darren Wilder as chief executive officer, Dirk Engelbrecht as Chief operating officer, and Jacques Kriel as Chief finance officer, reports Business Day “We…

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