Cytonn Investments has signed on a Kshs. 650 million loan facility with State Bank of Mauritius (SBM Bank Kenya) as it seeks to bring in long-term debt to complement its private markets funding.
Cytonn Real Estate, the development affiliate of Cytonn Investments, will direct the loan facility towards completion of The Alma in Ruaka.
The Alma is a Kshs. 4.0 billion residential mixed-use development in Ruaka Town in Kiambu County. It comprises of 477 residential units and a commercial space that includes a kindergarten.
Speaking Chief Executive Officer at Cytonn Investments said the partnership with SBM is not just about Alma,but about coming together to contribute towards alleviating the housing needs in the Country and enhancing realization of Uhuru’s big 4 agenda among them housing.
“This signals the beginning of a long-term partnership with SBM. This is the first bank loan for Cytonn Investments, which has been raising capital from institutional investors such as Taaleri of Finland, who have invested Kshs. 5 billion with us, and high net worth individuals who have invested over Kshs. 11 billion through Cytonn HYS,”he said.
Also speaking at the function, Jotham Mutoka, the Deputy Chief Executive Officer at SBM Bank of Kenya, noted Projects such as The Alma are a place for skilled Kenyan artisans to put their skills to test adding that SBM’s role is to help the economy achieve its objectives.
“ This Kshs. 650 million is testament to SBM believing in the Cytonn strategy.” He said.
Alma is a comprehensive development project and the best high-density mixed-use development in Ruaka, which has seen investors get attractive returns, and for home buyers, a high-quality and institutional grade project.
