Markets & Finance

Private equity firm in Sh5bn deal with MySpace

cytonn

Cytonn Investments CEO Edwin Dande with chief investment officer Elizabeth Nkukuu at a past function in Nairobi. FILE PHOTO | NMG

Private equity firm Cytonn Investments and MySpace Properties, a Mombasa-based real estate company, have entered into a partnership that targets rolling out real-estate investments worth Sh5 billion.

The deal will see Cytonn focus on securing funds from investors, while MySpace Properties will look for prime land and market the units.

“We are seeking partnership opportunities through joint ventures with landowners looking to develop properties where we provide financing through Cytonn Investments and real estate project management through our affiliate, Cytonn Real Estate,” said Cytonn Investments chief investment officer Elizabeth Nkukuu.

The coastal property market has been low due to recent terror attacks, but stakeholders say there is optimism that the industry is beginning to show signs of recovery. “Our darker days are behind us and better days are ahead of us.

As an investor or potential homeowner, it’s the right time to strategically position yourself,” said MySpace Properties chief executive Mwenda Thuranira.

Some of the major investments that are coming up in the coastal region include the Sh5 billion Sultan Palace Development in Kilifi County, and Home Afrika’s Llango project which is being developed in Kwale County.

Cytonn is already developing projects in Ruaka, Kiambu County and in the affluent Nairobi suburb of Karen. The firm has also set its eyes on the Nakuru and Kisumu market.

It has also partnered with Taaleritehdas, a Finland-based private equity firm, on some projects.

READ: Cytonn real estate fund seeks Sh10bn