MAREF Announces Construction Commencement of Somerset Rosslyn

Bisi Adedun . 2 years ago

MAREF Announces Construction Commencement of Somerset Rosslyn

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Article Summary: The Momentum Africa Real Estate Fund (MAREF) has today announced the commencement of construction of Somerset, Rosslyn. The project which is located in Runda Riviera, Nairobi, Kenya, will consist of 162 keys with the project developers aiming for full LEED Silver certification of the property by its completion date. MAREF also announced that the building…


The Momentum Africa Real Estate Fund (MAREF) has today announced the commencement of construction of Somerset, Rosslyn. The project which is located in Runda Riviera, Nairobi, Kenya, will consist of 162 keys with the project developers aiming for full LEED Silver certification of the property by its completion date. MAREF also announced that the building will be operated by The Ascott Limited’s Somerset Brand – a leading provider of luxury serviced residences. In addition, Eris Property Group Limited will act as the appointed development manager on the scheme.
This announcement comes in the wake of renewed activity in Kenya’s Hospitality sector based on the recent acquisition of Crowne Plaza by Kasada Capital and the completion of the acquisition of City Lodge hotel by Actis.

Momentum Africa Real Estate Fund (MAREF) began as a joint venture between Momentum Global Investment Management in London and Eris Property Group in South Africa. Both companies are fellow subsidiaries of Momentum Metropolitan Holdings Limited. As an institutional real estate fund estimated at $205 million, MAREF finances and develops grade A office blocks, warehouses, logistic parks, and shopping malls in sub-Saharan Africa excluding South Africa.

So far, MAREF has continued to work closely with their partners Eris Property Group to complete projects within sub-Saharan Africa. This joint venture has, so far, successfully completed three projects namely SU Tower and 335 Place in Accra, Ghana, and Mon Tresor Business Gateway in Mauritius. In addition, MAREF prides itself on being green-focused and follows IFC’s EDGE principles on all projects, and promises to do the same for Somerset, Rosslyn.

In a statement released via their official LinkedIn page, they said “We are pleased to announce that we have commenced construction of Somerset Rosslyn. Located in Runda Riviera, Nairobi, Kenya, Somerset Rosslyn will consist of 162 keys and is aiming to achieve LEED Silver certification on completion. Upon completion, Somerset Rosslyn will be operated by The Ascott Limited’s Somerset brand. We look forward to working closely with Eris Property Group (Pty) Ltd, the appointed development manager, on the scheme.”

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