Fusion Capital, a fund management and private equity company, has backed a Sh400 million residential estate development for Nakuru’s middle class by taking a 30 per cent stake in the project.
Fusion Capital is already investing heavily in commercial and retail office projects through its Sh8.5 billion ($100 million) African Real Estate Fund earmarked for Tanzania, Rwanda, Uganda and Kenya.
In Nairobi’s Upper Hill area the firm is developing a Sh1.25 billion office complex named Panorama, a Sh1.4 billion office block called Upper Scale Developments and a Sh850 million project christened Flamingo Towers.
“Grande Park is one of the smaller projects, we are looking at prospects of putting up 400 homes in the next five years,” said Fusion Capital chief executive Luke Kinoti at the project’s open day two weeks ago.
The firm has invested Sh129 million in Grande Park estate in Kiamunyi, Nakuru County, its first residential estate investment.
Grande Park Estate Limited are developers of the project. On completion, Grand Park will have over 64 units in eight blocks of flats.
Fusion Capital plans to roll out more housing projects through the partnership with Grande Park Estate Ltd.
The Nakuru estate is located on 1.3-acre land, three kilometres from the central business district.
Nakuru is strategically positioned as it connects major towns in western Kenya.