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Fusion Capital to develop property in Meru

BUSINESS
By Patrick Alushula | March 17th 2016

Fusion Capital will use money raised from Development Real Estate Investment Trust (D-REIT) to develop property in Meru.

Fusion Capital CEO Luke Kinoti said the money raised will be pumped into the Sh3.7 billion Greenwood City project, which is currently being constructed. The project will comprise a shopping mall, an office block and apartments. Kinoti said he is upbeat that once complete, it will be an ultimate destination for the people who value one stop centres.

“Greenwood City was conceptualised to meet this need and provide first-class shopping and executive residential accommodation for a growing and vibrant middle class and grade A office space for firms doing business in the region,” said Kinoti.

The project is to be developed and sold within 36 months at a yield to investors. The group said that it is also eyeing other counties with a similar model. Last month, the firm got the nod from the Capital Markets Authority to launch D-REITs into the Kenyan market. The firm plans to raise between Sh1.15 billion and Sh2.3 billion.

The Fusion Capital boss promised to move fast and ensure the D-REIT is available to investors. This will be through an initial public offering (IPO) and subsequent listing on the Nairobi Securities Exchange, with the minimum investment being Sh5 million.

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