advertisement

Markets

Cytonn acquires Sh1bn stake in Superior Homes ahead of NSE listing

Superior Homes Kenya managing director Ian Henderson (left) and Edwin Dande
Superior Homes Kenya managing director Ian Henderson (left) and Edwin Dande, the Cytonn Investments chief executive, sign a stake acquisition deal during a media briefing at The Stanley hotel in Nairobi on January 31, 2017. PHOTO | DIANA NGILA 

Cytonn Investments has acquired a 25 per cent stake in family-owned Superior Homes Kenya Ltd, which intends to list on the Nairobi Securities Exchange (NSE) this year.

The acquisition deal for the Greenpark Estate developer signed in Nairobi on Tuesday is worth Sh1 billion.

Cytonn Investments managing partner and chief executive Edwin Dande said the deal was in line with its strategy of tapping capital from global and institutional investors, such as Taaleri of Finland, who are Cytonn’s development financing partners.

“In Superior Homes, Cytonn gets a partner that has a strong track record in master-planned developments and also construction capabilities. In Cytonn, Superior Homes gets a partner that has a strong track record in structuring real estate investment products,” said Mr Dande.

advertisement