NAIROBI, Kenya, Oct 16 – Actis, the pan-emerging markets private equity firm, has kicked off the construction of the second phase of its Nairobi Business Park project on Ngong Road in Nairobi.
The Sh1.9 billion ($22 million) project will see the development of five new buildings totaling 15,000sqm of additional floor space.
One of the block’s facilities will be complete in August 2013 and the remaining ones are expected to be completed by the end of 2013.
Speaking during the ground breaking ceremony Actis Managing Director for East Africa Michael Turner said: “This extension is the latest step in bridging the yawning gap for commercial office space in Nairobi. These new office blocks will combine the latest technology, smart planning and unique design to be among the greenest in their class.”
During his keynote speech at the ground breaking, Vision 2030 Delivery Secretariat Director General Mugo Kibati said the initiative reaffirms Nairobi’s growing status as a regional hub that continues to attract investments, which in turn contributes towards the expansion of the Kenyan economy.
“It is such construction that will see us grow this number (GDP growth) to above 10 percent and ensure that we are on our way to becoming a newly industrialised State by 2030,” he said.
The expansion of the Nairobi Business Park is one of the two major real estate projects that Actis and Mentor Management are undertaking in Kenya.
The project is being developed and managed by Mentor Management.
The other is Garden City, a 32-acre mixed use development on Nairobi’s Thika Road which will be home to the largest retail mall in East Africa. Ground breaking of this project is due this December this year and leasing is currently underway.
Actis recently raised $278 million through its Actis Africa Real Estate 2 for investment in retail and office developments in East, West and Southern Africa, excluding South Africa.
