Cytonn to spend Sh6bn in Central Kenya projects

Cytonn Investments chief executive Edwin Dande. FILE | PHOTO | NMG
Cytonn Investments chief executive Edwin Dande. FILE | PHOTO | NMG  

Cytonn Investments is to spend Sh6 billion on real estate projects in the central Kenya region, having opened an office in Nyeri town as part of its expansion plan.

This is part of the company’s ambitious expansion plans.

The firm also plans to increase its footprint by opening other offices coastal, western and North Rift regions before the end of this year.

The announcement comes exactly a month after the firm handed over all the 100 houses — which it had constructed and sold to new owners — in Karen, Nairobi.

“Cytonn Investments Management Plc today (last Friday) opened an office to serve Mt Kenya region and tap into the vast real estate investment opportunities the region offers. The office … will seek to serve the growing demand in the Mt.

Kenya region as part of the company’s regional expansion plan,” the company said in a statement.

Johnson Denge, senior manager for regional markets, noted that Cytonn Real Estate, the development affiliate of the company, was looking to put up mixed-use development besides venturing into hospitality focusing on Mt Kenya region.

Cytonn’s CEO Edwin Dande said the first phase of the firm’s growth had focused on Nairobi’s metropolitan, where it has real estate projects worth over Sh82 billion.

“Our clients, especially the institutional clients are now demanding diversification both locally and into other African markets,” Mr Dande added.