Firm unveils arm to run Sh49bn real estate projects
Cytonn founder Edwin Dande.
What you need to know:
- Cytonn Real Estate will carry out the company’s Sh49 billion real estate project plans that are in the pipeline.
- Cytonn plans to break ground for the five-acre gated community housing units in Karen in the next two months.
Cytonn Investment Management has launched a property development subsidiary to tap into the growing real estate market.
Cytonn Real Estate will carry out the company’s Sh49 billion real estate project plans that are in the pipeline.
“Our investments team has been very successful in sourcing funds, especially from global markets. It is now the right time to establish our development affiliate, Cytonn Real Estate, to deploy these funds into aspirational real estate projects. In the course of deploying these funds, we are also creating jobs, growing the economy and addressing the housing shortage,” Cytonn managing partner and CEO Edwin Dande said.
The multi-billion shillings property projects will include gated communities and high-density mixed-use developments, mainly targeting low to mid-income segments.
BREAK GROUNDS
Cytonn plans to break ground for the five-acre gated community housing units in Karen in the next two months.
The Amara Ridge, which is the first of the development projects is located opposite the Bomas of Kenya.
In addition to Nairobi, the company has projects in Mombasa and in Mt Kenya region.
“The board is fully confident that management will deliver on these ambitious real estate targets. Achieving this targets will deliver attractive returns to our investors, transform communities, create jobs and improve standards of living,” said Cytonn’s chairman Prof Daniel Njiru.
