Nedbank CIB has taken its strategic goal of investing for growth into Africa to new heights with the conclusion of the Centum Investment Company Plc Real Estate deal in Kenya worth a substantial value.
Centum Investment Company Plc, commonly known as Centum, is a public East African investment company which operates as an affiliate of the Kenyan government-owned Industrial and Commercial Development Corporation.
With a focus on the creation of investment-grade opportunities in real estate and infrastructure, financial services, fast moving consumer goods, power, agribusiness, education, healthcare and ICT, Centum is listed on the Uganda Securities Exchange (USE) and Nairobi Securities Exchange (NSE). It is the largest investment company in East Africa.
Nedbank played the role of lead arranger and financier in the Two Rivers transaction, a 102-acre development in Nairobi’s diplomatic blue zone where Centum has a 58.3% shareholding in addition to a 50% stake in the Two Rivers Mall – which is the largest mall, outside of South Africa, in Africa.
The mall is the first development in this node which will include offices, a 5-star hotel, hospital, residential units and a theme park.
“The rest of Africa business environment can be challenging and requires a keen understanding of micro and macro dynamics in each market. Nedbank has, through the Two Rivers deal, demonstrated its property financial expertise to structure such complex deals,” says Gerhard Zeelie, Divisional Executive; Property Finance Africa at Nedbank CIB.
Nedbank provided the financing to consolidate Two Rivers’ debt facilities and is currently working on five deals with Centum.
“Our strategic goal is to grow the Property Finance portfolio northwards in Africa to include other countries in East Africa, as well as West Africa and SADC.” Concludes Zeelie.
ABOUT PROPERTY FINANCE
Nedbank Property Finance is a market leader in commercial property finance, enabling clients to realise their property opportunities through a diverse range of financing solutions. This includes development finance, equity participation, investment, affordable housing project finance, solutions for the listed sector and residential development finance.