This archive report was first published on 4 May 2021.
On May 4, 2021, the International Finance Corporation (IFC), the private-sector development arm of the World Bank, announced plans to lend $25 million (KSh2.7 billion) to Stellar Warehousing and Logistics Limited, a Kenyan real estate development company.
The funds will be used to purchase an industrial facility with vacant land in Mlolongo area from its current owner Orbit Products Africa Limited (OPAL), and renovate the facility, construct a new one on the vacant land, and lease back the entire property to OPAL.
Orbit Products Africa Limited, the current owner of the property, is an established regional manufacturer of popular personal care and home care products for multi-national clients in East Africa, according to the IFC website.
The total cost of the project is estimated at $52.6 million (KSh 5.6 billion), with the IFC financing 48% of the project through the $25 million loan.
Stellar Warehousing and Logistics Limited, the borrower of the IFC loan, is a Kenyan subsidiary of Grit Real Estate Income Group Limited (GREIG), a real estate development company listed on the London Stock Exchange and the Stock Exchange of Mauritius.
