Centum Signs Refinancing Deal with Nedbank Corporate and Investment Bank

Investment firm Centum, through its real estate arm Centum Real Estate, signed a refinancing deal with Nedbank Corporate and Investment Bank (CIB), the Nedbank property finance division.

Together, they managed to raise 6.5 billion shillings from the South Africa-based firm. These funds will allow the firm to consolidate the debt facilities for the Two Rivers development which is the firm’s biggest project.

The development is currently in its second phase, will utilize the 102 acres the company owns on Limuru Road in Nairobi, near the affluent neighborhoods of Runda, Nyari, Gigiri and Muthaiga.

Centum Real Estate is currently the master developer in three projects: one in Entebbe, Uganda dubbed the Pearl Marina Development, which will be on 10,254-acres and two in Kenya, Vipingo Development, which covers 384-acres and Two Rivers Development.

The firm intends to put up 3,000 residential units on all three sites with the first phase of 1,200 units already under construction. The company highlighted that it had experienced challenges in the sector due to limited access to credit occasioned by the capping of the interest rates.

According to Cytonn Investments , private equity investments in Africa remains robust as evidenced by the increasing investor interest, which is attributed to; rapid urbanization, a resilient and adapting middle class and increased consumerism,

the attractive valuations in Sub Saharan Africa’s private markets compared to its public markets,

the attractive valuations in Sub Saharan Africa’s markets compared to global markets, and (iv) better economic projections in Sub Sahara Africa compared to global markets.

Analysts from Cytonn Investments say that they remain bullish on PE as an asset class in Sub-Sahara Africa.

Going forward, the increasing investor interest and a stable macroeconomic environment will continue to boost deal flow into African markets. More Articles From This Author

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