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| Home Afrika CEO Njoroge Nganga. |
Leading real estate developer Home Afrika has received the Capital Markets Authority (CMA) approval to issue a corporate bond in the local market.
The firm which is listed on the Growth Enterprise
Market Segment (GEMS) of the Nairobi Securities Exchange (NSE) will be seeking
to raise KES 900mn from the transaction.
The funds raised from the bond will be invested
into a number of ongoing projects among them their flagship project Migaa in
Kiambu County, Lakeview Heights in Kisumu County and the Llango project in
Kwale County.
Home Afrika CEO Njoroge Nganga said the CMA
approval marks yet another strong vote of confidence in Home Afrika as an
investment avenue of choice. He said the funds raised will ensure that the
ongoing projects are on schedule.
“This approval and the fund raising process
provides an opportunity for our significant investors and the general public to
become part of this home grown real estate success story,” said Mr. Njoroge.
Home Afrika is currently involved in five major
projects valued at over Kshs18 billion and targets to implement ten projects in
the next five years as part of its Strategic Plan.
The company has also rolled out the ‘Go County’
strategy that will see it engage in real estate projects in various counties
across the country. The ultimate goal in this strategy is to ensure that there
is affordable but decent housing in other towns in order to decongest major
cities in Kenya.
The Go County strategy is aligned to the devolved
system of government which has given rise to significant investment
opportunities in the counties.
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