, NAIROBI, Kenya, Nov 6 – Property Developer Acorn Group has entered into a joint venture with Helios Investment Partners to form a development platform focused initially on Kenya, subject to the necessary regulatory approvals.
This comes after Acorn parted ways with financial services group British American Asset Managers (BAAM) after relinquishing a minority stake it held in the real estate firm over an out of court deal.
British American Investment (Britam) had filed a multi-billion-shilling claim against Acorn and seven of its affiliates but agreed to withdraw the case.
The dispute started in October 2014, when Britam went to court claiming that its former managers fraudulently siphoned billions of shillings from its accounts and channeled them to accounts held by Acorn Ltd and its affiliates.
Acorn has since establishment in 2001, completed over 40 projects, with a combined asset value greater than US$550 million.
These include several residential developments and iconic buildings like the headquarters of multinational in Kenya, like Coca-Cola Africa and Deloitte.
Acorn CEO Edward Kirathe said In Helios, the fund has found a partner with a shared ethos and commitment to the region and look forward to leveraging Helios’ local and international relationships and expertise to further strengthen their platform.
On his part Helios Parner Alykhan Nathoo said the investment is an opportunity for Helios to back an exceptional management team, with a strong track record, and credentials to create a best in class operating company.
“Our partnership with Acorn is directly aligned with Helios’ core investment themes, seeking opportunities where there is a large and growing market, and that address supply side market deficiencies,” Nathoo added.