Phatisa’s Pan African Housing Fund teams up with Tamarind Properties, Kenya
PRESS OFFICE: Phatisa
The Pan African Housing Fund (PAHF), managed by Phatisa, has entered into an agreement with Tamarind Properties to develop 140 single-family homes in a residential development in Nakuru Town, Kenya.
The development, known as Nakuru Meadows, is on a 10-acre piece of land, overlooking Lions Hills, Sirikwa caves, and the busy Nairobi-Nakuru Highway near Nakuru’s Free Area trading centre.
Nakuru Town is located north-west of Nairobi and is the fourth largest urban centre in Kenya. It faces rapid population growth, estimated at two million residents, with a supply gap of 8,000 housing units each year. Nakuru Meadows will help meet this demand.
‘Construction of the units will be done in two phases,’ says Tamarind Properties’ Managing Director, Joe Mungai. ‘Phase one will comprise of 104 units, and phase 36 units. The estimated completion time is 24 months.’
According to Okomboli Ong’ong’a, Phatisa’s partner for Eastern Africa, PAHF, ‘Nakuru Meadows will be a game-changing development in Nakuru Town’s housing sector. We are very optimistic that this co-investment with Tamarind Properties will have a significant impact on Nakuru reducing the housing shortage, and creating over 200 jobs during the construction period and close to 100 jobs after completion.’
PAHF is a private equity fund that provides risk capital to the fast-growing and lucrative middle and affordable housing sector in East and Central Africa. The deal represents the Fund’s fourth and largest investment in Kenya, affirming its commitment to providing equity finance to experienced and reputable property developers to enable the increase in the supply of affordable middle class housing in East Africa, Zambia and Mozambique.
Phatisa is an African private equity fund manager, operating across sub-Saharan Africa, with offices in Mauritius, South Africa, Zambia, Kenya, and Ghana, as well as London. The firm has two sector-specific funds under management, totalling more than US$285 million, focused on food and affordable housing. Phatisa comprises a team with a significant track record of managing private equity funds and businesses throughout the continent.
Phatisa’s African Agriculture Fund has committed investments in excess of US$135 million, from Sierra Leone in West Africa to Mauritius, East Africa and 13 other countries in between. This reflects a total of eight portfolio companies across diverse sectors: primary farming, palm oil, processing, inputs, mechanisation, fertiliser, protein production and FMCG beverages. Phatisa also introduced an eastern and southern African investment initiative in response to the ever-increasing housing shortage – the Pan African Housing Fund (PAHF). The US$41.95 million Fund commenced operations during Q1 2013 and has concluded three investments to date.
At the heart of Phatisa is development equity, as embodied in the unique formula of DevEq = PAT * x + i 2 ™; a balanced blend of private equity and development finance – striving to build sustainable assets on the ground; ensuring best possible returns for investors, including the community in which these operate.