This archive report was first published on 8 October 2019.
Published on October 8, 2019, Cytonn Investments, a leading alternative investment management firm in East Africa, is seeking to raise KSh 2 billion through Development Real Estate Investment Trust (D-REIT) to finance its real estate projects.
The company has filed an application with the Capital Markets Authority (CMA) to register D-REIT, which will enable it to diversify its real estate funding and boost Cytonn's sources for its real estate development pipeline with a project value of more than KSh 82 billion.
According to Bryan Gitia, Real Estate Investment Analyst at Cytonn, the funds will be deployed towards the development of Phase 1 of The Ridge and Phase 1 of RiverRun Estates.
The Ridge is a comprehensive aspirational lifestyle development on 10 acres in Ridgeways, where stage one of the development is complete – including land acquisition, concept, foundation, and is 50% presold.
RiverRun is a masterplanned mixed-use community on 100 acres in Ruiru, with a dedicated affordable housing component.
The offering is being advised by Standard Investment Bank (Transaction Advisor); KN Law LLP (Legal Advisors); Baker Tilly Merali's (The Reporting Accountants); Housing Finance (The Trustee); and Cytonn Asset Managers Ltd (The REIT Manager).
