Lodging owner-operator Ascott launches its first serviced residence in Kenya

KENYA – Ascott Limited, a Singaporean wholly owned lodging business, has opened its first property in Kenya, the Somerset Westview Nairobi, as it seeks to expand to the wider East Africa region and Africa. The property is in proximity to a variety of international schools, healthcare centers, restaurants, and shopping malls, including the popular Yaya Centre. The property hosts the…

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Compass capital secures US$10M financing to acquire portfolio of Grade A office buildings in Egypt

EGYPT – Egyptian private equity firm, Compass capital has secured US10 million debt funding from Vantage Capital to acquire six grade A office buildings in East Cairo. The acquisition is being made by Compass Capital’s existing real estate company, Bonyan for Development and Trade, which owns and operates the Walk of Cairo, an outdoor retail boulevard in West Cairo. The…

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Real estate developer Centum Re appoints Kenneth Mbae as new Managing Director

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…

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Home renovation startup Shatablee secures US$1.2M funding to expand operations in Egypt

EGYPT – Egyptian home renovation startup, Shatablee has raised US$1.2 million in new funding round, to expand its operations and its product portfolio. The platform allows all homeowners in gated neighborhoods to have access to a quicker, easier, and more cost-effective journey by combining a range of economic solutions on a single digital platform. Founded in 2021, Shatablee intends to…

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Al- Futtaim Group partners with Misr El Khair to develop villages in Upper Egypt

EGYPT –Al Futtaim Group Real Estate, the real estate development, and operations arm of Al-Futtaim Group, has partnered with Misr El Kheir Foundation to develop the most unprivileged areas in upper Egypt. The deal was signed in presence of Dr. Ali Gomaa, Chairman of the Board of Trustees of Misr El Kheir, by Eng. Ashraf Ezz El-Din, Managing Director of…

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Real estate firm Knight Frank Kenya appoints Mark Dunford as the new managing director

KENYA – Knight Frank Kenya, a real estate management firm, has appointed Mr Mark Dunford as the new managing director. “I look forward to moving back to East Africa and it is an honour to be taking over from Ben as the leader of Knight Frank Kenya,” Mark Dunford said in a statement. “Knight Frank is a truly global firm…

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Prop-tech startup Nawy closes US$5M seed round to expands operations in Egypt

EGYPT – Egyptian prop-tech startup Nawy has raised a US$5 million seed funding round to provide more services, capitalize on digital technologies, and expand the business regionally. The latest funding was led by the Sawiris family, an Egyptian family that owns the Orascom conglomerate, spanning telecommunications, construction, tourism, industries, and technology. Nawy was founded in 2016 to allow users to…

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GIPF invests US$1.3m in housing development by Beucorp Group

NAMIBIA – The Government Institutions Pension Fund (GIPF) has invested over N$20 million (US$1.34m) in a housing development by Beucorp Group, through Koningstein Capital Investment Property Fund. Beucorp, a Namibian company, was established in 2009 and developed over 120 housing units with prices ranging from N$800,000 (US$53,726) to N$1.5 million (US$100,736) in Extension 3, Tamariskia, Swakopmund. Through the GIPF investment…

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Real estate investment company Docklands Ventures acquires parking startup ParkUpp

SOUTH AFRICA – South African parking startup ParkUpp, has been acquired by real estate investment company Docklands Ventures for an undisclosed amount. ParkUpp (Pty) Ltd has sold its parking business, website, brand and data to SA based firm, Docklands Ventures which owned by ex-JLL Chairman for Sub-saharan Africa, Mark Bradford. Mark, CEO of Docklands, said this is a great addition…

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Verdant Ventures, Gateway Real Estate launches residential tower in Addis Ababa

ETHIOPIA – Verdant Ventures has partnered with Gateway Real Estate to launch Elevation Residences, a 112-unit residential tower offering state-of-the art amenities and safety suitable for Tier 1 clients. The market opportunity for international-standard housing in Addis Ababa, as the third largest consular community in the world, was a key factor in drawing the global developers. Verdant Ventures, a US-based…

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