Private equity (PE) firm Phatisa, which has been developing housing in Nairobi and Nakuru counties, has now moved to the Rwandan market.
Phatisa, through the Pan African Housing Fund (PAHF), is partnering with Kigali Batsinda Estate to develop 300 units in the country’s capital. The development, dubbed Izuba City, will have a mix of studio, one-bedroom apartments and three-bedroom units.
“Phatisa identified Rwanda’s residential real estate sector as a favourable investment opportunity for PAHF and is confident that this new development, Izuba City, will catalyse the development of more affordable housing schemes in Kigali City,” said the firm in a statement.
The firm did not disclose the investment amounts but its investment criteria include to make deals of between $5 million (Sh515 million) and $24 million (Sh2.47 billion).
In exchange Phatisa gets board representation and a significant majority stake in the project.
In Nairobi, Phatisa and Africa Reit are in a deal to build 1,400 studio apartments on six acres behind Galleria Shopping Mall.