Funguo Investments Ltd, a company partly-owned by parastatal ICDC, is set to unveil its maiden real estate project — a Sh400 million residential development that targets middle-income earners.
The firm’s upcoming project will feature residential units whose cost will range from Sh8 million to Sh10 million.
The venture will also involve for-sale developments that will include student housing and industrial real estate, the firm said. “Our investment in real estate is focused on mid-sized deals, to serve the middle income market in sub-sectors such as residential housing, student housing and industrial real estate,” said Funguo Investments chief executive officer Kenneth Muchina.
“Over time we are targeting a real estate portfolio mix that will comprise mostly development for sale projects but with a sizeable minority of the investment going to assets to be held for periodic income flows.” The firm has 390 shareholders and is biased towards private equity investments. It also has interest in listed equities, money market securities, fixed income securities and real estate.
“There is a myriad of emerging opportunities, a growing viable pool of local entrepreneurs to back, increased sophistication by local investors...” said Funguo Investments chairman John Simba.