Resorts & Cities has appointed its former Chief Operating Officer Peter Wairegi as the new Chief Executive Officer, to steer the operations of the real estate development company behind the multi-million Longonate Gate and Makuyu Ridge mega resort projects.
This follows the end of the five-year term of the current Managing Director, Mrs Consolata Gituto. Speaking when he took over the reins of the company, Mr Wairegi said he would build on the indelible legacy established by the outgoing CEO.
“Real estate investments require massive capital outlay and planning because often times the turnaround time for a project is protracted and returns are long-term, and so numbers are supreme in this sector. Mrs Gituto legacy is definitely a tough act to follow going by the multi-million real estate projects she has initiated and overseen,” said Mr Wairegi.
Mr Wairegi brings to Resorts & Cities a wealth of experience in the real estate spanning 29 years having started his real estate and finance career in 1985 in USA with century 21 Real Estate Group of companies.
Among critical assignments of the new CEO will be overseeing completion of Makuyu Ridge, a mega real estate project in Murang’a that is anticipated to inject Ksh60 billion into the county’s economy. The project is themed on an 18-hole international championship golf course, hotel facilities, a convention centre, an arboretum, beautiful landscaped gardens, and water features among others.
He worked for many years as the CEO for Nationwide Mortgage Company, before joining Business Finance Group LLC as its Managing Director and International Business Coach. He has lectured at KCA University, authored several real estate and finance texboooks and served in various Boards over the years.
“The experience Mr Wairegi brings to the company’s leadership is vast experience in real estate development, executive leadership and international investment. He is a distinguished member of the Cambridge Who’s Who and a Fellow of the Kenya Institute of Bankers,” said Lee Karuri, the Resorts & Cities Chairman.
Mr Wairegi holds a BA in Economics & Business University of Toledo, Ohio, USA and an Executive MBA, Finance & Management from Baldwin Wallace University, Ohio USA. The developer hopes to leverage on his international real estate financing and marketing experience to manage the Sh5 billion Makuyu Ridge, a mixed development that will be built on 1,000 acres. The resort will have an 18-hole golf course, a shopping mall, club houses and other facilities.
He also sold over 20,000 residential units, 5000 plus commercial and retail properties, with over 9,000 loans in the books and a volume of about $1.5 Billion (Ksh142 billion) in the past 29 years. “I see my immediate role as building capacities in marketing resource, corporate governance and revamping the corporate brand as well resource mobilisation through roping in international investors” said Mr Wairegi.
The new CEO also doubles as a lecturer at KCA University, School of Professional Programs, lecturing in Real Estate, Planning, Industrial Economics, Marketing, Finance, Development and Business Administration and was Chairman of the KCA University Foundation North America before he relocated to Kenya in June 2013.