Centum receives Sh6.5b to fund its urban nodes projectsJuly 26, 2019
NAIROBI, Kenya, Jul 26 – Centum Real Estate has received Sh6.5 billion from South Africa’s Nedbank Corporate and Investment Banking to fund a pipeline of projects that are currently under development on three sites.
The firm’s Managing Director Samuel Kariuki told Capital Business that the facility will be utilized in the Vipingo Development at the Coast, Pearl Marina Development in Entebbe and Two Rivers Development in Nairobi.
“Across the three sites, we are developing urban nodes – or cities within cities – through both investing in our own anchor infill projects (Commercial and Residential) and availing Development Ready sites to other strategic third-party developers,” Kariuki said.
The firm is developing 3,000 residential units across the three sites, of which the first phase of 1,200 units is under construction.
Already, the company has attained a 58 percent pre-sale level on the residential units under construction, which translates to 700 units.
“We have also broken ground on an Industrial Park at Vipingo Development where some development rights have been sold to third parties and are currently installing a water desalination plant. A third-party investor is now developing a commercial center Vipingo while a similar center is being designed at Pearl Marina,” Kariuki said.
Both Vipingo Development and Pearl Marina, which are the firm’s largest developments, are currently wholly equity funded.
The current projects at Two Rivers, Pearl Marina and Vipingo will be completed at various dates between 2020 and 2021.