Absa bank secures US$124m loan from IFC to increase access to affordable housing

SOUTH AFRICA – The International Finance Corporation (IFC) and Absa Bank Limited, one of the leading providers of residential mortgages in South Africa have partnered to support the expansion of housing finance targeting lower-to-middle income households IFC’s local currency loan of up to 2 billion South African rand (US$124 million) will help expand Absa’s affordable housing mortgage portfolio in South…

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Housing development financier Shelter Afrique records US$1.04m in net profit for 2021

AFRICA – Pan African housing development financier Shelter Afrique has posted an operating profit of US$1.04 million up from operating loss of US$0.58 million the Company recorded in 2020, backed by impairment recoveries and effective cost control measures.  The Company contained its operating expenses at US$8.04 million in 2021 down from US$8.44 million in 2020, representing a 10% decline. It…

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Real estate company Mi Vida Homes appoints Samuel Kariuki as chief executive officer

KENYA – Mi Vida Homes, a residential developer, has appointed Samuel Kariuki as the chief executive officer. The former Centum Real Estate managing director appointment took effect on June 1, following the announcement of his departure from Centum on March 18. “I am excited at this opportunity of taking Mi Vida Homes to its next phase of growth where we…

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Real estate fintech startup Boyot raises pre-Seed round to increase its client base

EGYPT – Boyot, a startup that provides an end-to-end operating system for payments and financial services focusing solely on the real estate industry, has raised a six-figure pre-Seed round led by a Kuwait-based real estate firm, as it prepares to open an office in Kuwait later in the year. The startup plans to use the fresh money to increase its…

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Real estate brand Sotheby’s International Realty launches in Egypt

EGYPT – Sotheby’s International Realty, a luxury real estate brand, has launched in Egypt, its second office in Northern Africa and its 206th office in the EMEIA region. Egypt Sotheby’s International Realty is co-founded and operated by Marwan Gebril who brings 15 years of real estate experience to the company. The company is headquartered in the city of Cairo and…

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Nigeria increases its shareholding in Shelter Afrique with US$7m additional capital subscription

NIGERIA – Shelter Afrique, a Pan-Africa housing development financier, has received US$7.15 million in additional capital subscription from the Federal Government of Nigeria taking its shareholding to 15.8%, one-percentage point behind top shareholder Kenya, which currently stands at 16.85%.  The other top three shareholders of Shelter Afrique whose shareholdings now change include African Development Bank (AfDB), which now stands at…

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Safaricom Investment Co-operative launch US$6.4m real estate project

KENYA – Safaricom Investment Co-operative is set to begin the construction of a KSh750 million (US$6.43m) real estate project in Ruaka, Kiambu County to meet the growing need for affordable housing in the county. Dubbed The Miran Residence, the three-acre urban development nestled in the Western end of the Nairobi Bypass is an integration of modern and sustainable infrastructure and…

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Lodging owner-operator Ascott launches its first serviced residence in Kenya

KENYA – Ascott Limited, a Singaporean wholly owned lodging business, has opened its first property in Kenya, the Somerset Westview Nairobi, as it seeks to expand to the wider East Africa region and Africa. The property is in proximity to a variety of international schools, healthcare centers, restaurants, and shopping malls, including the popular Yaya Centre. The property hosts the…

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Compass capital secures US$10M financing to acquire portfolio of Grade A office buildings in Egypt

EGYPT – Egyptian private equity firm, Compass capital has secured US10 million debt funding from Vantage Capital to acquire six grade A office buildings in East Cairo. The acquisition is being made by Compass Capital’s existing real estate company, Bonyan for Development and Trade, which owns and operates the Walk of Cairo, an outdoor retail boulevard in West Cairo. The…

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Real estate developer Centum Re appoints Kenneth Mbae as new Managing Director

KENYA – Centum Real Estate Limited (Centum Re), a developer of mixed-use urban nodes a 100% owned subsidiary of Centum Investment Company, has appointed Kenneth Mbae as its new Managing Director effective March 17, 2022. Mbae will take over from Samuel Kariuki, who has resigned to pursue other interests. Prior to this appointment, Mbae served as the Chief Operating Officer…

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