Centum seeks deeper roots in real estate
What you need to know:
- Genesis Kenya, an investment management fund, said it will put up a mixed residential and commercial property in the area.
- A manager in charge of the project at Genesis declined to disclose the finer details of the proposed development saying the information could give undue advantage to some bidders.
Centum is seeking to tighten its grip on property development with one of its subsidiary announcing plans to develop 25.5 acres of land in Machakos County.
Genesis Kenya, an investment management fund, said it will put up a mixed residential and commercial property in the area.
MAJOR INVESTMENT
This is its first major investment coming a few months after its acquisition by Centum. Genesis will enlist the services of project management firm for its client; a pension scheme.
“The successful bidder shall be appointed development and project manager to lead the consultants in the conceptualisation, physical and financial planning, project management and delivery of the project,” Genesis said in a notice on Tuesday.
At the time of acquisition, Genesis, which is licensed in Kenya and Uganda as a fund manager, oversaw funds in excess of Sh100 billion for its clients.
Its parent company has already signed up property lease deal with French retail multinational, Carrefour in an upcoming Two Rivers shopping complex in Runda.
GIVE UNDUE ADVANTAGE
A manager in charge of the project at Genesis declined to disclose the finer details of the proposed development saying the information could give undue advantage to some bidders.
Centum had earlier said it intends to launch new products through Genesis to offer its clients diverse investment opportunities.
The company has significant interests in real estate that manage Two Rivers Development in Kenya and the Pearl Marina in Uganda.
Carrefour has booked 100,000 square feet of space at Centum’s 620,000 square feet Two Rivers shopping mall whose completion is set for October this year.
