Superior Homes to list on the Nairobi Securities Exchange

Superior Homes MD Ian Henderson (centre) with Edward Burbidge, CEO of Burbidge Capital, during the signing ceremony where Superior Homes appointed Burbidge Capital as the advisor for the intended listing on the Nairobi Securities Exchange. (PHOTO: COURTESY)

Superior Homes Kenya, developers of Greenpark Estate in Athi River, has announced plans to list on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange.

The company has appointed Burbidge Capital as advisors for the listing, PKF as reporting accountants and A&K as transaction lawyers.

Superior Homes’ managing director Ian Henderson said that funds raised from the market will be used to start new real estate projects in new locations following the successful model deployed at the 163-acre project in Athi River.The company intends to engage county governments and other partners on development of real estate projects in other parts of the country.

Apart from residential homes, the company is also constructing a 50-room luxury hotel at Lake Elementaita.
“We have picked a superb team with a proven track record to steer us through this process and we are targeting for Listing by Introduction – subject to regulatory approvals – in the second half of 2016. We intend to maximise returns for shareholders through our growth strategy that is pivoted by extensive experience in delivering quality projects, sound management and the cultivation of good relations with all of our stakeholders,” said Henderson.

Nairobi Securities Exchange CEO Geoffrey Odundo said the company’s decision to go public showed its long-term commitment to the Kenyan market. “The company’s intention to list is a clear indicator that Kenyan companies are ready to capitalise on the available resources while not shying away from robust governance and reporting practices. The intention to list is yet another pointer of the great confidence that Kenyan companies continue to have in our capital markets as they seek to raise capital to facilitate their various strategic initiatives,” said Odundo.

Head of Burbidge Capital Edward Burbidge said Superior Homes Kenya is a solid company with a clear focus on growing its business and expanding its footprints in Kenya: “It offers investors a strong opportunity to reap the benefits of the lucrative real estate sector.”

GEMS is designed to offer a regulatory and trading environment to meet the need of SMEs in the country. The aim is for them tap into the capital market and vast pools of lower cost capital. The other real estate firm in the segment is Homes Afrika, that listed in 2013 and has had a mixed run so far. UK-based firm, St Paul’s Property Trust Plc has also expressed intention to list in the NSE.