Leading real estate developer Home Afrika has received the Capital Markets Authority (CMA) approval to issue a corporate bond in the local market.
The firm which is listed on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange (NSE) will be seeking to raise KES 900mn from the transaction.
The funds raised from the bond will be invested into a number of ongoing projects among them their flagship project Migaa in Kiambu County, Lakeview Heights in Kisumu County and the Llango project in Kwale County.
Home Afrika CEO Njoroge Nganga said the CMA approval marks yet another strong vote of confidence in Home Afrika as an investment avenue of choice. He said the funds raised will ensure that the ongoing projects are on schedule.
“This approval and the fund raising process provides an opportunity for our significant investors and the general public to become part of this home grown real estate success story,” said Mr. Njoroge.
Home Afrika is currently involved in five major projects valued at over Kshs18 billion and targets to implement ten projects in the next five years as part of its Strategic Plan.
The company has also rolled out the ‘Go County’ strategy that will see it engage in real estate projects in various counties across the country. The ultimate goal in this strategy is to ensure that there is affordable but decent housing in other towns in order to decongest major cities in Kenya.
The Go County strategy is aligned to the devolved system of government which has given rise to significant investment opportunities in the counties.