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Cytonn Investments buys 25pc of Greenpark developers, Superior Homes

NAIROBI, Kenya, Jan 31 – Cytonn Investments has bought a 25 percent stake in real estate developer Superior Homes to a tune of Sh1 billion, with the option of a further purchase over the near term.

The series of transactions as structured values Superior Homes at Sh4 billion.

Cytonn Investment Chief Executive Edwin Dande says the 25 percent stake investment in Superior Homes is in line with Cytonn’s strategy of connecting capital from global and institutional investors, such as Taaleri of Finland – Cytonn’s development financing partners – with attractive returns in real estate, supplied by world-class development capability such as Superior Homes.

“The deal is complementary and compelling. In Superior Homes, Cytonn gets a partner that has a strong track record in master-planned developments and also construction capabilities, and in Cytonn, Superior Homes has a partner that has a strong track record in structuring real estate investment products, and they also complement our development affiliates,” said Dande.

Cytonn Investments own development affiliate, Cytonn Real Estate has a portfolio of about Sh75 billion with Superior Home’s signature development is the 165-acres Greenpark gate community in Athi River.

Ian Henderson, Managing Director of Superior Homes, says the deal will enable the two firms work together to execute real estate development strategy for the next period of growth.

“After a strong 10-year track record, it was important to tie up with a partner with shared values, aspirations and complementary capabilities. Through this partnership and the investment, we shall work to grow our deal pipeline, drive the company towards listing on the Nairobi Securities Exchange, during the course of 2017, and continue delivering aspirational neighbourhoods to all our home owners and make our contribution to growing the Kenyan economy,” said Handerson.

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