Market News

Fusion kicks off sale of plots in Thika after acquisition


Fusion Capital’s Flamingo Towers in Upper Hill. FILE PHOTO | NMG

Private Equity (PE) firm Fusion Capital has started selling plots owned by its recently acquired Thika Royal Palms investment.

The PE in February acquired a 75 per cent stake of Hand in Hand Development Group subsidiary that specialises in construction and farming.

Last Saturday, potential buyers visited the property on Gatanga Road, eight kilometres from Thika town.

“Thika Royal Palms is a special purpose vehicle (SPV) whose intention is to acquire, master plan, put in infrastructure and sell land to individuals seeking to buy and build,” Fusion Capital management said earlier in a statement.

Thika Royal Palms is subdividing and selling land, which has been master planned for 70 stand-alone medium-class homes. An eighth of an acre is going for Sh2.8 million.

This is the second time Fusion Capital is backing the developer having previously invested in their joint partnership vehicle in Athi River, The Graceland housing completed last year.

In the 80-unit middle-income project in Athi River, investors doubled their investment through returns from the sale of the development, whose cost was Sh600 million, according to the promoters.

Other Fusion projects are Kigali Heights in Rwanda, Flamingo Towers in Upper Hill, and 4th Ngong Towers at Community-Nairobi.