Centum Real Estate, has an objective within the Real Estate sector to develop new urban nodes across the East African region that represent investment-grade assets of scale.
CEO James Mworia says they are seeking to master plan attractive sites across the region and provide the commercial impetus for investors to establish city shifting developments. Centum Real Estate, a wholly-owned subsidiary, is responsible for the execution of this vision.
Centum Real Estate is developing thousands of homes and also holds large parcels of land in Kenya and Uganda. It says it is currently building 1,400 homes, adding that most of these have already been completed.
“Another 3,000 homes are in the pipeline to be developed in the near term. Additionally, Centum Re holds bulk development rights across its land banks for its future housing development and for sale to other real estate developers.”
On 11th January, Centum Real Estate announced that it has signed an agreement to raise Sh17 billion from Luxembourg-based private equity firm GEM Global Yield LLC CSC through a partial share sale.
“Centum Re is pleased to announce that it has signed an agreement with GEM Global Yield LLC SCS … to provide Centum Real Estate with a share subscription facility of up to Sh17 billion for a 36-month term following a public listing,” the company said in a statement.
Centum RE will be listed at an undisclosed exchange at the point of accessing the funds from the foreign institutional investor, according to the share sale agreement.
“The share subscription facility will allow Centum Re to draw down funds by issuing shares of common stock to GEM. Centum Re will control the timing and the maximum size of such drawdowns and has no minimum drawdown obligation,” the company said in a statement.
About Centum
Centum is a publicly owned investment company with headquarters in Nairobi, Kenya. Its shares are listed on the Nairobi Securities Exchange (NSE), where they trade under the symbol: CTUM. The company shares are also cross-listed on the Uganda Securities Exchange (USE), where they trade under the symbol “CENT”. Centum is an investment channel providing investors access to a portfolio of inaccessible, quality, diversified investments.
Centum’s mission is to create real, tangible wealth by providing the channel through which investors access and build extraordinary enterprises in Africa. As of March 2019 Centum’s total assets were KSh 101,764,000,000 with shareholder’s equity of KSh51,576,000,000
