This archive report was first published on 10 September 2021.
Published on September 10, 2021, Co-operative Bank has lent Centum Investments Sh. 2 billion to build apartments at the Two Rivers land.
The loan agreement was signed by Centum's fully-owned subsidiary Uhuru Heights Limited, which will build one, two and three-bedroom apartments being sold at between Sh. 8.5 million and Sh. 24.5 million.
“Co-operative Bank of Kenya approved a Sh. 2 billion project finance facility during the year. The facility is earmarked for the completion of the Cascadia Apartments being developed by Uhuru Heights Limited,” Centum said.
Co-operative Bank was involved in the development of the Two Rivers Mall in Nairobi, which was repaid in 2019 after Centum secured a new loan from Standard Bank.
The loan has a maturity period of three years and an effective interest rate of 11.6 percent, with Co-op Bank having already disbursed Sh. 137.1 million.
