KENYA – Centum Real Estate Limited (Centum Re), a developer of mixed-use urban nodes a 100% owned subsidiary of Centum Investment Company, has appointed Kenneth Mbae as its new Managing Director effective March 17, 2022.
Mbae will take over from Samuel Kariuki, who has resigned to pursue other interests. Prior to this appointment, Mbae served as the Chief Operating Officer of Centum Re overseeing operations in Kenya and Uganda.
He was the founding Managing Director of Vipingo Development, the largest Centum Re subsidiary, which he led from set up and transformed to a business valued at over Sh20 billion with over Sh9billion in sales and KSh5.3 billion (US$46.33m) in cash collections.
“Kenneth has a great record of steering the biggest unit of our real estate business and he is uniquely well suited to take over this new role,” said the Centum Investment Company PLC Chief Executive Officer, James Mworia.
Mbae is a Harvard University GSD Alumni (AMDP XVIII), holds a BSC Biochemistry from Kenyatta University and an Advanced Management Certificate in Business Management from the Kenya Institute of Management, and is a member of Project Management Institute and Institute of Directors (Kenya).
“I am excited at the opportunity to lead the team at Centum Re. I will continue to build on the company’s brand in delivering quality, value for money, timely handover of projects, and value to shareholders and investors,” said Mbae.
This appointment comes a month after Centum Re signed an agreement with GEM (Global Emerging Markets) for a 36-month, KSh17 billion (US$148.60m) share subscription facility following a public listing.
The facility will allow the firm to draw funds by issuing shares of common stock to GEM. It will control the timing and the maximum the size of such drawdowns (a continuous decline in an investment or fund, usually expressed as a percentage between its highest and lowest levels) and has no minimum drawdown obligation.
GEM validates the attractiveness of the market opportunity that Centum is pursuing in providing housing across Sub-Sahara Africa where there is a very significant unmet demand.
Centum is currently developing over 1,400 homes many of which have already been completed. Another, over 3,000 homes are in the pipeline to be developed in the near term.