Mi Vida Homes Limited management team has acquired full ownership of the residential developer from UK-based investor Actis and Indian conglomerate Shapoorji Pallonji in a deal whose value remains undisclosed.
The acquisition is a significant step for the Nairobi-based Housing firm, whose niche is green, affordable middle-income housing developments.
The firm’s Management Team, led by CEO Samwel Kariuki, has signed this share purchase agreement for the buyout, subject to regulatory approvals.
Actis and Shapoorji Pallonji had a joint venture with Mi Vida Homes in 2018 and has pumped in KSh 12 billion into the business.
Under Actis Investment, the real estate firm has grown into a robust platform with a strong balance sheet with a healthy pipeline of projects that has attracted huge funding.
“This transaction is not only a validation of the firm vision but also a clear demonstration of the institutionalization of Africa’s residential real estate sector,” said Ravi Rughani, Principal at Actis.
Mi Vida pipeline projects
Some of the notable projects by the developer include 237 Garden City in Nairobi that involves development of studio, one and two bedroom apartments, built using green energy technologies.
There is the Muzi Stawi, a partnership project with International Housing Solutions(HIS) Kenya, part of the 237 Garden City Development that targets the middle class in Kenya.
The real estate developer also has ongoing projects in Ruaka, Riruta, Amaiya Garden City and over 3,000 affordable units in the pipeline across Nairobi and other urban centres.
According to UN Habitat, the annual housing demand in Kenya is estimated at 250,000 homes. Currently, approximately 50,000 homes are developed annually, predominantly in the high-end market, leaving a deficit of 200,000 homes, particularly in the low-income segment.
The Affordable Housing Program addresses this gap by offering Social Housing for individuals earning up to KSh 20,000 per month, Affordable Housing for those earning between KSh 20,000 and KSh 149,000 per month, and Affordable Market Housing for those earning more than KSh 150,000 per month.
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