Capital Markets

UK property firm renews bid to list at NSE

UK-based property company St Paul’s says its planned listing on the Nairobi Securities Exchange is back on track as stock market conditions improve after a volatile 2015.

The firm had initially planned to list on the GEMS segment before the end of last year aiming to raise capital for investment in the Kenyan property sector. But adverse market conditions where stock valuations hit a steep decline forced the firm to shelve the plans.

The stock market is however experiencing reduced volatility this year and some segments are starting to pick up gains.

St Paul’s director Richard Britten-Long Monday said that the firm will be seeking Sh4 billion in capital from the Kenyan market.

“We decided to come back this quarter when volatility has lessened substantially,” said Mr Britten-Long.

St Paul’s mainly invests in prime properties outside central London whose main tenant is the government and related agencies.