Track Record - Real Estate

Two Rivers Development

Investment thesis
  • Growth in the middle-income bracket with increased consumer expenditure over time.
  • Opportunity to develop an urban precinct with all facets of life (residential, retail, entertainment and commercial offerings).
Value-addition
  • Led in the project development activities following acquisition of 102 acres in the Diplomatic Blue Zone.
  • This included development of feasibility studies, master planning and statutory approvals, contractor appointment.
  • Sold development rights to two developers, Victoria Commercial Bank and City Lodge Hotel.
  • Attracted two investors to Two Rivers Development Limited namely, Aviation Industry Corporation of China and Industrial and Commercial Development Corporation and raised USD 75 million to be utilized in the construction of the retail centre and supporting infrastructure.
  • Led in the construction of Two Rivers Lifestyle Centre (TRLC), a 67,000 square metre retail, lifestyle and commercial centre that is the commercial impetus of the development.
  • Developed a comprehensive entertainment offering which includes Theme Park and recreational grounds.
  • Developed the supporting infrastructure included the roads, sewer, water, power and triple-play system that serve the development.
  • Secured international brands as anchor tenants.
  • Carrefour and Magic Planet, part of the Majid Al Futtaim exclusive franchise.
  • Attracted additional capital from Old Mutual Properties who invested USD 63 million for a 50% stake in TRLC.

Vipingo Development Limited

Investment thesis
  • The plan is to develop a new urban node and a modern ‘city’ to serve the region.
Value-addition
  • Acquired 10,254 acres of land in Kilifi Country from Rea Vipingo Plantations and Vipingo Estates Limited.
  • This included development of feasibility studies, master planning and statutory approvals, contractor appointment.
  • Completed the change of use process for the Vipingo Lifestyle Centre and Vipingo Investment Park.
  • Infrastructure designs, costings and full masterplan for Phase 1 completed.
  • Broke ground on the infrastructure for the 180-acre Investment Park, Phase 1.
  • Led in the development of infill projects that included 1,327 units, realizing sales of KES 1 billion within 5 months from launch.
  • Broke ground on 404 units in 2018.
  • Plot sales amounting to KES 400 million within the Investment Park and Lifestyle Centre within 5 months from launch.
  • Led in the development of support infrastructure that includes tendering and awarding the construction of a water desalination plant at a cost of USD 3.2 million to be completed in 2019.