Middle-class gets a housing boost

London-based private equity company Actis has partnered with Indian firm Shapoorji Pallonji Real Estate to develop middle-income housing in Kenya.

The Sh12 billion ($120 million) joint venture between the two firms will see them develop affordable and middle-income housing in the sub-Saharan Africa region, starting with Kenya.

“Residential remains the largest real estate asset class globally. In a number of African markets, however, delivery is highly fragmented.

The demand on the upper spectrum of the middle class as well as the high-end has seen a glut over the years while the lower-end market lags behind as limited affordable units are set up.

The private equity firm is the developer of the 47-acre Garden City Mall, a mixed-use development that features retail, residential and office space.

The developer last year began construction of a Sh54 billion business park that will house the head offices of beer maker East African Breweries Limited.

The commercial complex adjacent to its Garden City Mall will offer more than 25,000 square metres of office space, with a healthcare facility, two hotels and more than 400 mid-market residential units.

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