The Gambia ups stake in Shelter Afrique with US$19,200 additional capital payment

KENYA – The Government of Gambia has increased its stake in Shelter Afrique to 0.27% following payment amounting to US$19,218.96 in additional capital. The Gambia is now the 11th country to increase its stakes in the pan-African housing development financier Kenya, Tanzania, Cameroon, Mali, Rwanda, Uganda, Togo, Swaziland, Ivory Coast, and the Democratic Republic of Congo. “We thank the government of The Gambia for choosing to increase her stake in Shelter Afrique despite the prevailing condition, and in particular the Minister of Lands, Regional Government and Religious Affairs Hon. Musa…

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Tanzania clears arrears in Shelter Afrique, boosts its stake to 1.72%

TANZANIA – The Government of Tanzania has paid its outstanding capital contribution amounting to US$407,284.97 to Shelter Afrique bringing the total contribution to US$3.1 million. By clearing the arrears, Tanzania has now raised its stake in the pan-African housing development financier to 1.72% from 1.54%. In September 2021, Tanzania paid US$2.7 million in capital contribution, significantly increasing its stakes in the company. “We are grateful to the Government of Tanzania for becoming a fully paid shareholder with no capital arrears. We thank Housing Minister William Lukuvi for supporting this important…

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Government-backed mortgage firm KMRC eyes US$90m bond to fund low-cost housing

KENYA – Financial services company  Kenya Mortgage Refinancing Company (KMRC) plans to raise KSh10 billion (US$90 million) from investors at the capital markets through a bond by December 2021 to finance low-cost housing, reports Business Daily. The proceeds from the bond issue will go to banks and SACCOs for onward lending to homeowners at an annual interest of five percent. “We are looking at a medium-term note of about Sh10 billion (US$90 million)” said KMRC Chief Executive Officer Johnstone Oltetia told the Business Daily. “We will issue tranches overtime to…

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Grit Real Estate to acquire Orbit Africa facility in Kenya

KENYA – Mauritius-based Grit Real Estate Income Group has secured funding of US$31.5 million for the acquisition, expansion, and redevelopment of the Orbit Africa warehousing and manufacturing facility in Nairobi, Kenya. The funding was secured from Mezzanine Partners GP Proprietary Limited and BluePeak Private Capital with backing from an International Finance Corporation (IFC) debt facility. “The total purchase consideration of US$53.6 million will be settled by way of US$25 million in senior debt finance negotiated with the International Finance Corporation, a member of the World Bank Group, and US$28.6 million…

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Shelter Afrique and Cameroon to establish a housing company

KENYA – Shelter Afrique, a pan-African finance institution,  has approved the establishment of a construction company in Cameroon at an estimated cost of US$15 million.  The Industrial Housing Corporation (IHC) is a joint venture initiative that will be managed under a Special Purpose Vehicle (SPV), with Shelter Afrique owning 51% of the Company and the Government of Cameroon owning 49% (through the Housing Ministry and Urban Development). “The Company will be established based on Public and Private Partnership through which the Government of Cameroon will designate a location and provide the…

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Real estate company El Asreya Development rebrands as part of its strategic and expansion plan

EGYPT – El Asreya Developments, a leading real estate company, has been rebranded as Atric Developments, as part of its strategic and expansion plan to keep pace with developments in Egypt’s real estate market. Chairperson of Atric Developments Ashraf Naguib said in a press conference that the move comes after very detailed and accurate studies of the market. He added that the company delivered recently the Divina Gardens project, the first villa compound in Shorouk city, which was sold out and delivered a year earlier than scheduled. Naguib praised the…

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Huawei partners real estate developer Tatweer Misr to build smart cities in Egypt

EGYPT – Tatweer Misr, a leading real estate development company, has signed an agreement with Huawei Technologies Egypt to deliver sustainable and smart technological software solutions throughout Tatweer Misr’s projects. The deal was signing and was attended by Tatweer Misr’s President & CEO, Ahmed Shalaby, Huawei Northern Africa Enterprise Business Group’s President, Michael Li, alongside representatives from both companies and the media. The partnership is an important strategic agreement for Tatweer Misr, helping deliver its ambitious plans to launch fully connected sustainable and smart cities in Egypt. Sustainable cities and…

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Real estate company Sotheby International Realty launches in Morocco

MOROCCO – Sotheby’s International Realty, a luxury real estate brand, has announced the opening of Morocco Sotheby’s International Realty, signifying the brand’s first office in Northern Africa. The addition brings the brand’s total number of affiliated offices in the EMEIA region to nearly 200. Morocco Sotheby’s International Realty is owned and operated by David Chicard who brings 15 years of experience to the company. “Morocco offers a stable and inviting environment for global investors,” said Philip White, president and CEO, Sotheby’s International Realty. “The country attracts interest from Americans, Middle…

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DRC pays US$2.5m for additional stake in Shelter Afrique

KENYA – Pan-Africa housing development financier, Shelter Afrique has received US$2.5 million in additional capital subscription from the Government of the Democratic Republic of Congo (DRC). The Additional stake now takes DRC’s shareholding to 1.68% up from 0.74% held previously. While receiving the contribution, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah thanked the Government of the Democratic Republic of Congo for improving its stake in the company, the prevailing economic conditions notwithstanding. “We are grateful to the government of the Democratic Republic of Congo for making…

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Automation technology company Jaggaer partners real estate developer Ora Developers

EGYPT – Jaggaer, a provider of cloud-based business automation technology, has signed an exclusive deal with Ora Developers, one of Egypt’s real estate developers of luxury residential, hospitality and commercial properties around the world. As part the agreement, Ora Developers will transform their sourcing and supplier management processes through the implementation of Jaggaer’s source-to-pay platform Jaggaer One. The intuitive platform will enable better sourcing decisions, faster cycle times as well as streamlined data processes for enhanced collaboration and supplier relationships. “Jaggaer’s SaaS based source to pay solution was the perfect…

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