Centum Real Estate, a real estate development subsidiary of Centum Investment Company PLC, announced on Tuesday January 11 that it will open its capital to GEM Global Yield, a Luxembourg private equity firm.
Thus, the alternative private investment group will provide Centum Real Estate with a share subscription facility of up to 17 billion shillings (150 million USD) for a period of 36 months following public listing. This facility will allow the company to draw funds by issuing common shares to GEM.
“Centum Real Estate is delighted to welcome a global institutional investor of the caliber of GEM, who is committed to making a very significant equity investment in the company. It validates the attractiveness of the market opportunity that Centum Real Estate pursues in providing housing across sub-Saharan Africa where there is very significant unmet demand, ”the company said in a statement.
Listed on the Nairobi Securities Exchange, Centum has revealed its intention to sell its shares in its real estate arm since September 2021. The company recently consolidated most of its real estate businesses in Centum RE, comprising land and properties under development in the Nairobi, Kilifi and Uganda committee.
