Money Markets
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
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