Century Developments to build 10,000-bed student hostel after new equity investment
NAIROBI, Kenya, May 17 – Century Development has secured equity investment from Consonance Kuramo Special Opportunities Fund paving the way for the development of real estate assets in education, affordable housing, industrial warehousing and healthcare sectors in East Africa.
Dominic Kiarie, the Founder, Group CEO and Managing Director of Century Developments said the investment by Consonance Kuramo will facilitate the acceleration of the Group’s pipeline of new investments as part of a planned total investment of US$200 million (Sh20 billion) to be made in the next 5 years
“The partnership with Consonance Kuramo marks an important milestone for Century Developments. We will now accelerate the rollout of key real estate assets in the education and affordable housing sectors, starting with over 10,000 beds of purpose-built student accommodation and 7,500 units of affordable housing in Kenya,” said Mr. Kiarie.
Century Developments’ current core area of focus is the development of Purpose-Built Student Accommodation (PBSA) for institutions of higher learning.
Century Developments is also developing over 7,500 units of affordable housing in the next 5 years for young professional, key workers and middle-income families to be located in key towns and cities and along growth corridors adjacent to key towns in East Africa.
Mobolaji Adeoye, Managing Director of Consonance Kuramo welcomes the partnership with Century Developments and looks forward to working closely in developing real estate assets in key sectors of the economy and therefore assist in contributing to increasing the supply of quality assets and alleviate the current supply gap.
“Africa’s fast-expanding youthful population offers a compelling opportunity for real estate investors. We believe the “built environment” is key to sustainable economic growth and housing is a foundation. Through the partnership with Century Developments, Consonance Kuramo will have exposure to a real estate development and investments business focusing on key niche sectors of the property market across targeted markets in Africa. We are confident the strategic equity investment in Century Developments will create strong momentum and accelerate the development of affordable housing in the target markets.” said Mr. Adeoye.
Century Developments together with its affiliate companies will be working with funding partners from local, regional and international capital markets to fast-track the development of real estate assets in the education, affordable housing, industrial warehousing and healthcare sectors in East Africa.