Shelter Afrique to issue US$500m Kenya currency bond

KENYA – Pan African housing development financier Shelter Afrique is set to issue Us$500 million local currency bond in the Kenyan market after returning to profitability in the year ended December 2020. The real estate and housing financier has said the East Africa bond will be listed in Nairobi Securities Exchange (NSE) before the end of the year 2021, with the proceeds being deployed in Rwanda, Uganda, and Tanzania. The firm  issued a similar-sized US$500 million bond in Nigeria in March 2021. This comes after the company recorded a net…

Read More

Al-Burouj Misr launches US$108m Sixty Iconic Tower project in the New Administrative Capital

EGYPT – Al-Burouj Misr, has launched its Sixty Iconic Tower project in the New Administrative Capital’s (NAC) financial and business district, with investments of EGP1.7 billion (US$108 million). Mohammed Al-Assi, Vice Chairman of the Company’s Board of Directors said that the 40-storey tower, which will house offices, shops, and hotel apartments, is spread over 13,000 square metres (sqm) and would have a built-up area of 55,000 sqm. He also said that the South Africa-headquartered global architectural firm DSA Architects International is the designer, and that construction is scheduled to start…

Read More

REIT Attacq sells half of its stake in MAS in order to reduce debt

SOUTH AFRICA – Attacq, the South African retail, office, and industrial real estate investment trust (REIT), has sold about half its stake in central and eastern Europe focused MAS over the past three months, with the proceeds going towards debt reduction. The results for the six months to December 31, 2020, showed Attacq sold 69.67 million shares in MAS for US$59.2 million cash, cutting its shareholding from 20.7 percent at the end of the interim period, to 10.9 percent. “A minimum of US$66.9 million of debt will be settled permanently…

Read More

Sky Abu Dhabi launches its first project in Egypt’s New Administrative Capital

EGYPT – Sky Abu Dhabi Real Estate Development, a subsidiary of the UAE-based Emirati Diamond Group, has announced the inauguration of Residence Eight, its first project at Egypt’s New Administrative Capital (NAC). Sky Abu Dhabi aims to support Egypt’s urban development to accommodate the rapid increase in population. This falls in line with Egypt’s sustainable development strategy in the form of its Vision 2030, whilst establishing integrated communities that provide quality of life for Egyptians. In a bid to encourage foreign direct investment (FDI) in Egypt, Sky Abu Dhabi Real…

Read More

Government of Mali settles its US$2m capital subscription arrears in Shelter-Afrique

MALI – Shelter-Afrique, a pan-African housing development finance institution, has received US$2 milllion from the government of Mali, being the full settlement of its capital subscription arrears. Mali becomes the fifth shareholder to fully settle Shelter-Afrique’s 2013 and 2017 calls for funds after Zimbabwe, Lesotho, Morocco and Namibia. Mr. Andrew Chimphondah, the Director General of the Shelter-Afrique group, flattered the government of Mali for its demonstration of confidence in the institution and recalled that Mali has often shown the way in ensuring that the company is well capitalized. “This is…

Read More

New hostel brand Student Factory enters Kenyan market

KENYA – Student Factory Africa, a consortium of architects, has partnered with a Dutch-based private equity firm EPC to launch student hostel project in Kenya worth US$50million to address the gap in the sector The project will be located in Karen, next to Catholic University of Africa in Nairobi. According to data from Kenya’s Ministry of Education, available student housing in Kenya stood at 300,000 compared to a university enrolment of 520,900 in 2019, excluding technical and vocational education and training colleges. “We are excited to partner with Kenya Conference…

Read More

Architectural firm FBW and Fusion Capital partner to develop large-scale affordable housing strategy

KENYA – FBW Group, planning, design, architecture, and engineering team, is partnering with Fusion Capital, a real estate developer, to create a low-cost, affordable housing strategy in Kenya. FBW has been appointed as consultant to help develop the plan. The group, which is celebrating 25 years in East Africa, has a strong track record in the planning, design, and delivery of volume housing projects. Fusion Capital is a private firm which started operations in 2006 and has grown to be one of the largest and most successful real estate developers…

Read More

Porto Group invests US$1.27bn to develop three new real estate projects

EGYPT – The Porto Group, an Egypt-based holding company, has announced plans to develop three new real estate projects with estimated investments of EGP 20 billion (US$1.27bn). The projects, named as Golf Porto Cairo, Porto Assiut, and Porto Agadir, are located on plots of land acquired by the company in the last two years. In a press conference, Chairperson Gamal Fathallah said that the Porto Assiut project is a residential compound in Assiut Governorate. It is comprised of 500 housing units and will see investments of EGP 4.5 billion (US$286.07m)…

Read More

Orange Egypt to provide its services Tabarak Development real estate project

EGYPT – Orange Egypt, a provider of integrated telecommunications services, has signed a cooperation agreement with Tabarak Development, a real estate developer in Egypt to transform real estate project 90 Avenue into an Integrated Smart Compound. The cooperation protocol aims to provide the luxurious real estate project, located in the Fifth Settlement, with smart city technologies and Orange triple play services, opting for FTTH technology, which avails home automation through IOT. The agreement is a new step towards disseminating advanced smart city services in Egypt. It includes the provision of…

Read More

Real estate company Aldar Properties offers to buy majority stake in SODIC

EGYPT – Aldar Properties PJSC, a real estate development, management and investment company, has offered to buy a majority stake in Egypt’s Sixth of October for Development & Investment Co. (SODIC) as it looks to expand into the country. The offer values the Egyptian property developer, Sodic, at about US$420 million. Aldar is seeking a minimum 51% stake in Sodic, with an indicative purchase price of 18-19 Egyptian pounds per share. Aldar, which primarily operates in Abu Dhabi, has been looking to expand abroad as it faces limited growth prospects…

Read More