Fusion Capital fails to raise Sh2.3b from public

Daniel Kamau, Executive Director, Real Estate at Fusion Capital. PHOTO: COURTESY

Fusion Capital failed to raise Sh2.3 billion it targeted from its Development Real Estate Investment Trust (D-REIT). The firm also achieved a 38 per cent subscription collecting Sh873 million with only four investors against the requirement of seven.

This means it fell short of Sh1.15 billion. The Capital Markets Authority (CMA) required Fusion Capital to raise at least half of the initial gross proceeds it had targeted through a D-REIT, before it could qualify for listing in the Real Estate Investment Trusts.