Thursday, June 23, 2016

Fusion Capital tests market with Sh2.3bn Reits offer

Money Markets
An artistic impression of the Meru Greenwood Park, which comprises a shopping mall, apartments and an office block and is to be built on land now occupied by the Pig and Whistle hotel, the oldest hotel in Meru Town.
An artistic impression of the Meru Greenwood Park. Fusion Capital will use the cash to develop the project. PHOTO | COURTESY
 
By GEORGE NGIGI, gngigi@ke.nationmedia.com

Fusion Capital has opened the sale of its development real estate investment trust, commonly referred to as D-Reit, to the public at a price of Sh23 per unit.
Fusion aims to raise Sh2.3 billion through the sale of 100 million units in a sale that closes on July, 15.
The cash will be used to develop a mixed residential, office and retail project in Meru dubbed Greenwood City.
Investors will require a minimum Sh5 million to participate in the first development Reit to be issued in Kenya. The units will be listed at the Nairobi Securities Exchange on July 28.
“We are delighted to be the first to give other investors a chance to access development returns in Kenya by investing in property development through a D-Reit,” said Fusion Capital’s chief executive Luke Kinoti.
A Reit is a unit of ownership in a real estate project allowing retail investors to participate in the capital intensive sector which has reaped high returns in the last decade. READ: Fusion Capital pays financiers after Athi River homes sale
at

No comments :

Post a Comment

Subscribe to: Post Comments ( Atom )