The stake investment is in line with Cytonn’s strategy of connecting capital from global and institutional investors, such as Taaleri of Finland who are Cytonn’s development financing partners, with attractive returns in real estate, supplied by world class development capability such as Superior Homes.
Superior Homes, its capabilities and its signature 165-acres Greenpark development compliments Cytonn’s own development affiliate, Cytonn Real Estate.
Superior Homes is an established brand focussed on master-planned development and compliments Cytonn Real Estate, which has distinguished itself in ubran high density developments.
“Superior Homes is a leading real estate developer in Kenya, most notably known for being a pioneer in the execution of master-planned gated communities in the Nairobi Metropolis, namely the Greenpark Estate in Athi River” said Elizabeth Nkukuu, Cytonn’s Chief Investment Officer.
“More than a gated community, Superior Homes has established a community and neighbourhood presence in their developments, which have provided secure, institutional grade and lifestyle living. This enables us to provide to our investors yet another segment of exposure in real estate,” added Elizabeth. The series of transactions as structured values Superior Homes at about Sh4 billion.
“In Cytonn we have found an exceptional real estate investments structuring partner to work together as we execute our real estate development strategy for our 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, subject to regulatory approval, 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 Ian Henderson, Managing Director of Superior Homes.
“The deal is complementary and compelling. In Superior Homes, Cytonngets a partner that has a strong track record in master-planned developments and also construction capabilities, and in Cytonn, Superior Homesgets a partner that has a strong track record in structuring real estate investment products, and they also complement our development affiliates. Above all is our shared values, operating principles and vision.”
“Beyond the acquisition, the bigger deal here is the partnership. Together we are going to move faster and more significantly in providing housing for families, create jobs, grow the economy and uplift the standards of living,” said Edwin Dande, Cytonn’s Managing Partner & Chief Executive Officer.