Phatisa’s property fund teams up with Kigali Batsinda Estate, Rwanda

Izuba City

Izuba City is a 300-unit housing complex, featuring a range of options, from one-bedroom starter homes to three-bedroom family residences.


The Pan African Housing Fund (PAHF), managed by Phatisa, has entered into an agreement with Kigali Batsinda Estate Limited to develop a new residential housing complex in Kagugu Cell, Kinyinya Sector, Gasabo District, Kigali City, Rwanda.

Kigali is a burgeoning African city with an increasing demand for access to affordable housing by the growing middle class. Phatisa identified Rwanda’s residential real estate sector as a favourable investment opportunity for PAHF and is confident that this new development, Izuba City, will catalyse the development of more affordable housing schemes in Kigali City.

Izuba City is a 300-unit housing complex, featuring a range of options, from one-bedroom starter homes to three-bedroom family residences. The modern development offers spacious living areas, balcony space and attractive interior layouts.

With full funding secured for the project, and thanks to value-enhancing project management and governance mechanisms, this co-investment with PAHF aims to enable Kigali Batsinda Estate Limited (KBEL) to deliver Izuba City rapidly and with less risk. Izuba City’s developer, KBEL, is managed by a dedicated team of real estate professionals and is headed by Philippe Kubwimana.

“Phatisa recognises the increasing need for affordable, good-quality housing options for the rapidly expanding middle class in Rwanda. We are committed to providing much-needed equity to increase the supply of housing options into the growing city of Kigali through a range of innovative housing developments such as Izuba City, while securing an attractive return on investment,” stated Okomboli Ong’ong’a, deal team leader and Phatisa East Africa Fund Partner at the PAHF. He added that Izuba City will soon be followed by a sixth investment in the region.

About Phatisa

Phatisa logo_235x140Phatisa 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.