Global private equity firm, Actis, has announced plans to sell a $104.6 Mn (Kshs 14.9 Bn) stake of its Garden City project. This announcement came during the  Kenya Pension Funds Investment Consortium conference  (KEPFIC). Notably, it was in response to KEPFIC’s  Request For Proposal (RFP) made in December 2022 to fund managers and project sponsors looking to raise capital, for regional growth opportunities. Garden City is a $540 Mn (Kshs 76.6 Bn) mixed-use development comprising retail, office, and residential apartments, located in Nairobi County, along Thika Superhighway. Precisely, Actis plans to sell stakes of:

1. $74.6 Mn (Kshs 10.6 Bn) of the Garden City Mall ($37 million for debt and $37.6 million in a secondary equity sale). The two-floor affluent Mall was the flagship project of Garden City mixed-use project, whose construction commenced in 2011, and officially opened in 2015, with a gross leasable area of 33,500 M2.
   

   Garden City Mall, Nairobi

2.  $30.0 Mn (Kshs 4.3 Bn) of the Garden City Business Park ($14 million for debt and $16 million for equity). The five-floor business park is a grade-A commercial office building completed and opened in 2021. It currently has a gross leasable area of 12,500 M2.

 

Actis’ decision to sell points to an increasingly vibrant commercial real estate market in Nairobi. We will remain tuned in to the discussion on this transaction and eventual deal closing.

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