Actis, a London based private equity company partners with Shapoorji Pallonji Real Estate-Indian based firm to invest in middle-income housing in the country.
The Sh12 billion ($120 million) joint venture between the two firms will see them develop affordable and middle-income housing in the sub-Saharan Africa region, starting with Kenya.
“Residential remains the largest real estate asset class globally. In some African markets, however, delivery is highly fragmented. There is a notable lack of institutional quality home builders with the expertise, capital, and consumer trust to truly address the opportunity at scale. Actis’ joint venture with Shapoorji Pallonji seeks to remedy this in partnership with our local stakeholders,” said Koome Gikunda, director at Actis.
The two firms have also delivered high-quality, affordable houses in India as Shapoorji Pallonji has been in the service for the past 153 years in real estate construction and development.
The middle class in Kenya consists of the household which spends between Sh24,000 and Sh120,000 per month while the upper level spends more than Sh200,000-The Kenya National Bureau of Statistics.
Previously, Actis has been an active player in the Kenyan real estate sector having developed the 47-acre Garden City Mall, and hence the partnership with the Indian firm is expected to see the firms set up a multi-billion project in the country.
The firm is also constructing an Sh54 billion business park adjacent to Garden City Mall that after completion is set to house East African Breweries head offices.
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