Britam acquires 25pc of Acorn Group shares, ups presence in property sector
By NICHOLAS WAITATHU | November 15th 2013
By NICHOLAS WAITATHU
Britam Thursday signed a strategic partnership with Acorn Group, a real estate investment and project management firm.
The partnership, according to the management of the two companies is designed to bring institutional investment solutions and products into the real estate sector in Kenya and the region.
The signing of the deal comes about two years after Britam announced plans to set up a Sh10 billion property fund targeting high net worth individuals to pool funds for multi-billion shilling investments in the regional property sector.
Britam Group Managing Director Benson Wairegi said his company has acquired a 25 per cent stake in the Acorn Group enabling the two to exploit available opportunities in the real estate industry.
During the signing ceremony at a Nairobi Hotel, he explained that the deal would be the first market offering that delivers property development, property investment and real estate backed investment products all under one roof.
“The unrivalled partnership will provide the market with end-to-end solutions that have previously not been available to land owners, investors, financial institutions, pension funds and asset managers,” he said.
Wairegi added that under the deal, Britam through its asset management subsidiary, will offer quality and differentiated real estate backed investment products to its high net worth and institutional clients, both locally and internationally.
“Through this partnership, Britam is positioning itself to tap into the opportunities offered by the exponential growth of the property market in Kenya and East Africa,” he said.
Acorn Group Chief Executive Officer Edward Kirathe said the group is positioning itself to be the largest and most profitable real estate development firm in the region.
“Within the last decade, Acorn has undertaken projects across all segments including offices, hotels, residential, retail, commercial mixed use and industrial developments valued at over Sh40 billion,” he said.
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