Cytonn Investments has applied for a Development Real Estate Investment Trust (D-Reit) at the Capital Markets Authority seeking to raise Sh2 billion.
D-Reit meant to diversify real estate funding is expected to boost Cytonn sources for its real estate development pipeline with a project value of more than Sh82 billion.
Cytonn Real Estate Investment Analyst Bryan Gitia said the funds would be deployed in the development of Phase 1 of The Ridge and Phase 1 of RiverRun estates.
“The Ridge is a comprehensive aspirational lifestyle development on 10 acres in Ridgeways where stage one of the development is complete — including land acquisition, concept, foundation and is 50 percent presold; funds will go towards the second stage of superstructures construction,” he said.
“RiverRun is a master-planned mixed-use community on 100 acres in Ruiru, with a dedicated affordable housing component.”
Mr Gitia said the capital raise connects landowners with institutional capital and development capability onto one platform.