Co-op Bank backs young developers with Sh110m financing

Co-operative Bank branch on Co-operative House on Haile Selassie Avenue in Nairobi. [Wilberforce Okwiri,Standard] Co-operative Bank of Kenya has extended a Sh110 million facility to a company owned by young real estate developers to enable the expansion of their mixed-use development in Ruiru. The financing to Eboss Investments Company will support the development of Seven Oaks School, a new British-curriculum institution in Ruiru that will serve hundreds of families. The school forms the anchor of a mixed-use gated community that integrates residential housing, commercial spaces, recreational amenities, and other social infrastructure. The financing package combines a Sh80 million mortgage facility, dedicated to constructing the school, and a Sh30 million revolving term loan tailored to the project's phased development model. The partnership entered a new phase with the groundbreaking of the Seven Oaks School, the educational anchor for the development, marking the start of Phase 4. Vincent Kihara, Head of Mortgage Finance at Co-operative Bank of Kenya says the lender's decision to back Eboss was informed by a rigorous assessment of both the project and the team behind it. "Our financing approach follows the project's natural growth. Once Eboss proved their ability to deliver in earlier phases, we structured support for the school phase through a mortgage facility," he said. "It's a model that ensures sustainable delivery while matching financing to real progress on the ground, we continuously want to stamp our support towards youth-led developments," he added. Eboss Investments has successfully delivered Phases 1-3 of the project since 2018 using a combination of family resources and buyers' deposits, a track record that played a central role in securing bank financing for the next stages. The Sh30 million revolving term loan will specifically fund the fit-outs and finishing of these townhouses, accelerating delivery timelines and unlocking value for buyers and the developer. Geoffrey Gitaka, Director at Eboss Investments Company Ltd, said the partnership with Co-op Bank has been instrumental in translating their vision into reality. "Co-operative Bank has walked with us from the beginning - they sat down with us, analyzed our vision, and recognized that we had something solid," he said. "This partnership has grown beyond financing; we've opened up new conversations and see a future where their clients are our clients. For us, this is more than just a loan - it's a strong partnership for the long journey ahead." When complete, the 143 Brookview Membley project will feature 100 housing units, an education centre, a commercial hub, jogging tracks, children's play areas, lush green spaces, and 24/7 security creating a modern, self-contained community in one of Ruiru's fastest-growing neighbourhoods. The Seven Oaks School will serve as the educational anchor, offering families convenience and peace of mind while enhancing the value proposition of the entire development.

Co-op Bank backs young developers with Sh110m financing

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Co-op Bank backs young developers with Sh110m financing

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