, NAIROBI, Kenya, Apr 7 – Centum Investment Company’s Two Rivers Development has so far attracted funding of over Sh14 billion in debt and equity.
The financing is from AVIC International, Industrial and Commercial Development Corporation and the Co-operative Bank of Kenya.
AVIC International has invested Sh6.3 billion in equity, Sh450 million equity investment by the Industrial and Commercial Development Corporation (ICDC) while local debt funding of over Sh7.2 billion has been secured from the Co-operative Bank of Kenya.
“The investments by AVIC and ICDC into Two Rivers is in line with Centum’s objective to create investment grade assets and provide a channel through which investors access and build extraordinary enterprises in Africa,” Centum CEO James Mworia said.
The flagship project of Two Rivers is the Lifestyle Mall set to open in October this year and which will be one of the largest retail malls in Sub-Saharan Africa.
The project will also consist of retail, offices, hotels and apartments.
The developments in the pipeline are on a 210,000 square feet space which will be complete in 2016. They include a 3 star hotel, City Lodge Hotel, and over 100 luxury apartments that will go to market by May 2015.
“The Sh14 billion investment into a project promoted by Centum is testament to our unique ability to create these investment grade assets. We are very pleased and able to create projects of scale which attract both local and international investors and will continue to do so,” Mworia noted.