Kenyan equity firm to offer $34 million in support of Rwandan complex

December 2, 2013

Africa, Business, International

Kenyan equity firm to offer $34 million (Sh3 billion) in support of Rwandan complex

Standard (Kenya)

KIGALI, Rwanda- Kenya’s equity firm Fusion Capital will partner with Kigali Heights, a real estate development company, for a $34 million (Sh3 billion) shopping complex, both sides disclosed on yesterday.

The project is located near the Kimihurura roundabout, formerly occupied by the Kacyiru Post Office in Kigali, the Rwandan capital. The commercial building will be a dual tower office and retail block. The 9-story block will be located along the boulevard facade while the 6-story block will face Kimihurura roundabout.

The complex to occupy 30,000 square meters (322,917 square miles) land, will be Fusion Capital’s first real estate investment in Rwanda. Fusion Capital is the principal financier of the project while Kigali Heights Development Company will be the real estate partner. “We are excited that we have a trusted and active financial partner in this development,” said Denis Karera, the managing director of Kigali Heights. “It is great to have Fusion on board; we value their experience and capability, which they have demonstrated from the onset of this process.”

Fusion Capital Group Chief Executive Officer Luke Kinoti said, “We look forward to providing long term local financial solutions that support the sustainable growth of the Rwandan economy.”

He noted his company will play a prominent part in this investment to ensure the development of superior quality office space with state of the art facilities is realized.

The ground-breaking ceremony for the commercial building will be within days, according to developers. Fusion Capital currently operates in Tanzania, Rwanda, Uganda, Britain and Kenya. It is also planning to launch operations in Burundi.

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Kigali Heights

Kigali Heights

Kigali Heights

Kigali Heights

Kigali Heights

Kigali Heights

Kigali Heights Development site is located within the Kimihurura District. The Sub Area masterplan describes the Kimihurura Area as ‘centrally located within one of the most highly developed areas of Kigali and is surrounded by important existing and proposed urban elements.

Kigali, Rwanda
Kigali skyline
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Video: Kigali’s  plan for future development

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Video: Kigali, Rwanda

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Video: Kigali’s new transit system

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About Dilemma X

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