Strong rating for Sh5bn hostels bond puts the shine on real estate projects

A construction site. FILE PHOTO | NMG

The strong rating of real estate developer Acorn Group’s Sh5 billion green bond intended to finance the building of student hostels has put a shine on the investment class that is driven by increased college enrolment, which has outpaced the building of accommodation in universities.

Global ratings agency Moody’s has given the bond a B1 rating, placing it higher than the Kenyan government’s sovereign rating of B2 stable.

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