Private equity firm Fusion Group has broken ground on a $34 million mixed use development in Kigali
The 30,000 square meter project known as Kigali Heights is situated at the Kimihurura Roundabout in Gasabo district and is a dual tower office and retail block
Upon completion, Kigali Heights is expected to host regional retail shops and supermarkets including Deacons Kenya which plans to open its second outlet
Private equity firm Fusion Group has broken ground on a $34 million mixed use development in Kigali.
The 30,000 square meter project known as Kigali Heights is situated at the Kimihurura Roundabout in Gasabo district and is a dual tower office and retail block.
"Aside from fulfilling the immediate need for good quality office and retail space, the Kigali Heights project will go a long way to contribute to the fiscal development of our city, creating employment opportunities,” said Prof Silas Lwakabamba, Rwanda’s minister of infrastructure during the ground breaking ceremony on Thursday.
The development is a nine-story rectilinear block which will be along the boulevard frontage and a six-story block which will face the Kimihurura roundabout.
It is near the Kigali Convention Centre which is currently under construction that houses a five star hotel with 292 rooms, an information technology office park and a conference hall that sits 2,600 people — among others.
“It will provide avenues for transfer of skills and boost the economy of Rwanda through tax revenues as well feed to growth of other sectors in the economy such as trade and industry," said Prof Lwakabamba.
Fusion Capital is financing the development which is expected to be completed in two years to a tune of $34 million.
Upon completion, Kigali Heights is expected to host regional retail shops and supermarkets including Deacons Kenya which plans to open its second outlet.
The project is jointly owned by local property developer - Kigali Heights Development Company and Fusion Capital.
Phil Goodwin, chairman, Fusion Group said Rwanda is an attractive investment destination not only because it of its stable political environment but also macro-economic stability.
Rwanda was recently ranked as Africa’s top ‘Doing Business’ location, making it easier for the country to attract foreign direct as well as local investments.
Demand for quality office space is increasing with recent trends as global brands open up in the country.
"It is really an attractive place for people to come- the growth of the economy - Rwanda is one the fastest growing countries in the world," said Dr Goodwin.
