Global private equity firm Actis has closed its Kenyan office in a move it says will not affect its existing investments in the country or pursuit of new opportunities locally.
The firm said it would not be renewing its Cape Town and Nairobi office leases, with the latter located at The Courtyard, General Mathenge Road, Nairobi.
It has said its business operations will remain active and the Actis investment professionals working in Kenya will be served by Johannesburg, Cairo and Lagos offices.
The private equity firm has investments in the East Africa region including Kenya majorly in real estate including Garden City Mall and Mi Vida homes as well as the hospitality sector where it has a presence through its ownership of Java House.
“As Actis pursues its strategy in global sustainable infrastructure, we are reviewing our existing office footprint,” Sarah Douglas, director, of communications and marketing, at Actis Investor Solutions Group, told the Business Daily.
“We have decided that in lieu of renewing the leases on our Nairobi and Cape Town offices, we are exploring alternative working solutions for the continued delivery of our investment activities. This decision is a recognition of modern working practices and no reflection on our commitment to Kenya or South Africa and ongoing activity within the wider region.”
Last year, Actis paid an aggregate of Sh3.3 billion to buy Nairobi’s Fairview Hotel, Town Lodge Upper Hill, City Lodge Hotel at Two Rivers Mall and City Lodge Hotel Dar es Salaam from South Africa's City Lodge Hotel Group.
The sale of the hotels came after two difficult years of reduced occupancies and revenue, City Lodge said.
Actis is meanwhile betting on medium-term growth of regional hotel bookings.
The hospitality industry, which was witnessing increased competition, took a major hit when the Covid-19 pandemic struck in March 2020.
The private equity firm has exited several companies including Tsavo Power and vehicle service firm Autoxpress. Among the backers of Actis is the British International Investment (BII) which previously traded as CDC Group.
