This archive report was first published on 9 September 2021.
On September 9, 2021, Co-op Bank approved a Sh2 billion project finance facility for Centum to complete the Cascadia Apartments at the Two Rivers site in Nairobi County.
The loan, which has an effective interest rate of 11.6 percent, is secured by the collections from the sale of apartments and the project itself.
Centum's fully-owned subsidiary, Uhuru Heights Limited, is building one, two, and three-bedroom apartments that are being sold at between Sh8.5 million and Sh24.5 million.
Co-op Bank has already disbursed Sh137.1 million, and the loan is expected to be repaid through the sale of the apartments and rental income.
Centum says the apartments target buyers seeking luxury accommodation and are also suitable for investors who stand to benefit from rental income and capital appreciation.
