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Firms pen deal to finance property

Cytonn Investments, a real estate and private equity investment company and MySpace Properties have signed a partnership agreement that will bring together investors to finance developers and landowners in Mombasa County in order to boost real estate development at the Coast region.

The partnership which was unveiled at an investment and real estate forum at Whitesands resort mid last week in Mombasa is targeted at raising the quality of real estate development while at the same time creating jobs and improving living standards.

Cytonn, which boasts of Sh50 billion worth of real estate projects, will be focused on mobilising capital from its global institutional investment relationships, led by Taaleritehdas of Finland while MySpace Properties will be focused on sourcing land partners and property sales.

According to Cytonn Investments’ chief investment officer, Elizabeth Nkukuu, the partnership targets a delivery of Sh5 billion worth of real estate projects. She said that real estate investments deliver above average returns for investors.

Nkukuu said the real estate sector in the region has continued to grow, a wake up call to investors to play an active role in financing individual and institutional projects.

“We are seeking partnership opportunities through joint ventures with landowners looking to develop properties where we provide financing through Cytonn Investments and real estate project management through our affiliate, Cytonn Real Estate,” said Nkukuu.

Nkukuu said together with Finland based partner, Taaleritehdas, the company is investing in real estate in the fast rising East Africa region. Some of the projects carried out by the company are in Nairobi, Kiambu, Meru and Machakos counties. “We are currently looking to expand our footprint in Mombasa, Nakuru and Kisumu counties,” she said.

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