Consonance Kuramo, Century enter Sh20b deal

 Consonance Kuramo Special Opportunities Fund I has concluded a strategic equity investment in Century Developments Limited (CDL), to pave way for the development of real estate assets in education, affordable housing, industrial warehousing and health care sectors in East Africa.

Century Developments is a Nairobi based pan-African real estate development and investments company focusing on building affordable housing communities across East Africa and other selected markets in Africa.

Consonance Kuramo Special Opportunities Fund I, a special opportunities fund seeded by leading investment firm Kuramo Capital, is a sector-agnostic, patient capital provider, investing in early stage and high growth enterprises in sub-Saharan Africa.

Dominic Kiarie, the Founder and Group CEO and Managing Director of Century Developments said the investment by Consonance Kuramo will facilitate the acceleration of the Group’s pipeline of new investments as part of a planned total investment of US$200 million (Ksh 20 billion) to be made in the next 5 years to develop real estate assets for the education, affordable housing, industrial warehousing and health care sectors of the real estate market in East Africa.

“The partnership with Consonance Kuramo marks an important milestone for Century Developments. It is a vindication of our real estate development and investments business model. We will now accelerate the roll out of key real estate assets in the education and affordable housing sectors, starting with over 10,000 beds of purpose-built student accommodation and 7,500 units of affordable housing in Kenya,” said Kiarie.

Century Developments’ current core area of focus is the design, build and management of quality, safe and value for money Purpose-Built Student Accommodation (PBSA) for institutions of higher learning in the education sector.  During the ongoing first phase, the Company is rolling out over 10,000 beds of PBSA and has an active pipeline of on-going and future new developments.

Century Developments is also developing over 7,500 units of affordable housing in the next 5 years for young professional, key workers and middle-income families to be located in key towns and cities and along growth corridors adjacent to key towns in East Africa.

READ: RUTO TO UNVEIL TV STATION, FREE NEWSPAPER

Mobolaji Adeoye, Managing Director of Consonance Kuramo welcomes the partnership with Century Developments and looks forward to working closely in developing real estate assets in key sectors of the economy and therefore assist in contributing to increasing the supply of quality assets and alleviate the current supply gap.

Africa’s fast expanding youthful population offers a compelling opportunity for real estate investors. We believe the “built environment” is key to sustainable economic growth and housing is a foundation. Through the partnership with Century Developments, Consonance Kuramo will have exposure to a real estate development and investments business focusing on key niche sectors of the property market across targeted markets in Africa. We are confident the strategic equity investment in Century Developments will create strong momentum and accelerate the development of affordable housing in the target markets.” said  Adeoye.

Century Developments together with its affiliate companies will be working with funding partners from local, regional and international capital markets to fast-track the development of real estate assets in the education, affordable housing, industrial warehousing and health care sectors in East Africa.

Latest

Rose Ntong’ondu: Popcorn Hawker Who Owns a Multi-Million Beauty Empire

Rose Ntong'ondu, founder of Makeup by Rose, is a Kenyan-based makeup artist, teacher, mentor, and beauty entrepreneur.

Kenya Re New Awards to Stimulate Swift Premium Payment

The Kenya Reinsurance Corporation (Kenya Re) has launched an award scheme to recognise insurance companies that remit premiums on time. T

NSE Gets New CEO As Geoffrey Odundo Exits

The Nairobi Securities Exchange (NSE) has appointed Frank Mwiti...

Uhuru’s Newspaper Dresses Down Ruto, Calls Him ‘Small-minded’

People Daily newspaper criticises President William Ruto and his administration, arguing “the disdain by the Ruto administration for the media has never been disguised.”

Follow Us

Newsletter

Don't miss

Throwing The Girls Into Deep End: Single Kiasi S3 First Look

Nairobi’s dating scene is about to get messy: Single Kiasi...

Win New Year Crossover Mugithi Tickets With Odibets

The event has attracted prominent Kikuyu musicians who will be headlining the event including Samidoh and Muigai wa Njoroge.

For Coloured Girls is Theatre Production of the Year

The play ‘For Coloured Girls (who have considered suicide/ when...

Tusker Oktobafest Rolls East African Cultures into One

From regional events across Kenya to inaugural gatherings in Uganda and Tanzania, and the Tusker Oktobafest grand finale in Nairobi, the festival harmonized traditions, celebrated diversity, and highlighted the rich cultural tapestry of the East African culture

Lupita’s Little Brother Junior Nyong’o Charting His Own Path in Acting

Junior Nyongó, who is also a musician and a DJ and now a graduate of UC San Diego with an MFA in Acting, is crafting his own solid path in the world of acting with roles in major theatre productions.

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.
BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke

Rose Ntong’ondu: Popcorn Hawker Who Owns a Multi-Million Beauty Empire

Rose Ntong'ondu, founder of Makeup by Rose, is a Kenyan-based makeup artist, teacher, mentor, and beauty entrepreneur.

Kenya Re New Awards to Stimulate Swift Premium Payment

The Kenya Reinsurance Corporation (Kenya Re) has launched an award scheme to recognise insurance companies that remit premiums on time. T

NSE Gets New CEO As Geoffrey Odundo Exits

The Nairobi Securities Exchange (NSE) has appointed Frank Mwiti the new CEO effective May 2, 2024, to replace Geoffrey Odundo who exits the bourse...

LEAVE A REPLY

Please enter your comment!
Please enter your name here