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Kenyan equity firm to offer Sh3b in support of Rwandan complex

BUSINESS NEWS
By Xinhua | December 2nd 2013

KIGALI, Rwanda : Kenya’s equity firm Fusion Capital will partner with Kigali Heights, a real estate development company, for a $34 million (Sh3 billion) shopping complex, both sides disclosed on yesterday.

The project is located near the Kimihurura roundabout, formerly occupied by the Kacyiru Post Office in Kigali, the Rwandan capital.

The commercial building will be a dual tower office and retail block. The nine-storey block will be located along the boulevard facade while the six-storeyd block will face Kimihurura roundabout.

The complex to occupy 30,000 square meters land, will be Fusion Capital’s first real estate investment in Rwanda.  Fusion Capital is the principal financier of the project while Kigali Heights Development Company will be the real estate partner. “We are excited that we have a trusted and active financial partner in this development,” said Denis Karera, the managing director of Kigali Heights.

“It is great to have Fusion on board; we value their experience and capability, which they have demonstrated from the onset of this process.”

Fusion Capital Group Chief Executive Officer Luke Kinoti said, “We look forward to providing long term local financial solutions that support the sustainable growth of the Rwandan economy.”

He noted his company will play a prominent part in this investment to ensure the development of superior quality office space with state of the art facilities is realised.

 The ground-breaking ceremony for the commercial building will be within days, according to developers. 

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Fusion Capital currently operates in Tanzania, Rwanda, Uganda, Britain and Kenya. It is also planning to launch operations in Burundi.                                                                                                                                        —Xinhua

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