The Pan African Housing Fund (PAHF), managed by Phatisa, has entered into an agreement with Kigali Batsinda Estate Limited to develop a new residential housing complex in Kagugu Cell, Kinyinya Sector, Gasabo District, Kigali City, Rwanda.
Kigali is a burgeoning African city with an increasing demand for access to affordable housing by the growing middle class. Phatisa identified Rwanda's residential real estate sector as a favourable investment opportunity for PAHF and is confident that this new development, Izuba City, will catalyse the development of more affordable housing schemes in Kigali City.
Izuba City is a 300-unit housing complex, featuring a range of options, from one-bedroom starter homes to three-bedroom family residences. The modern development offers spacious living areas, balcony space and attractive interior layouts.
With full funding secured for the project, and thanks to value-enhancing project management and governance mechanisms, this co-investment with PAHF aims to enable Kigali Batsinda Estate Limited (KBEL) to deliver Izuba City rapidly and with less risk. Izuba City's developer, KBEL, is managed by a dedicated team of real estate professionals and is headed by Philippe Umuhizi Kubwimana.
According to Okomboli Ong'ong'a, Phatisa's Partner for Eastern Africa, PAHF, 'Nakuru Meadows will be a game-changing development in Nakuru Town's housing sector. We are very optimistic that this co-investment with Tamarind Properties will have a significant impact on Nakuru reducing the housing shortage, and creating over 200 jobs during the construction period and close to 100 jobs after completion.'
'Phatisa recognises the increasing need for affordable, good-quality housing options for the rapidly expanding middle class in Rwanda. We are committed to providing much-needed equity to increase the supply of housing options into the growing city of Kigali through a range of innovative housing developments such as Izuba City, while securing an attractive return on investment,' stated Okomboli Ong'ong'a, deal team leader and Phatisa East Africa Fund Partner at the PAHF. He added that Izuba City will soon be followed by a sixth investment in the region.
Phatisa is a sector-specific African private equity fund manager located in and operating across sub-Saharan Africa. The firm currently has two funds under management, totalling more than US$ 285 million, focused on food and affordable housing. Phatisa comprises a team of over 30 dedicated staff with more than 500 years of collective experience and a solid track record of managing private equity funds and commercial businesses throughout the continent. We speak 29 languages and represent 12 nationalities.
- Phatisa's African Agriculture Fund (AAF) - a US$ 246 million fund – commenced operations in January 2011 and has committed investments in excess of US$ 155 million, from Sierra Leone in West Africa to Mauritius in East Africa and eight other countries in between. This reflects a total of eight portfolio companies across a diverse range of agri and food related businesses.
- Phatisa's Pan African Housing Fund (PAHF) is an Eastern and Southern African investment initiative, launched in response to the ever-increasing housing shortage in this region. The US$ 41.95 million fund commenced operations in early 2013 and the Phatisa property team has successfully concluded five investments to date, located in Kenya and Rwanda.
Phatisa's vision is to be the leading sector-focused development equity fund manager in Africa. This philosophy finds expression in the unique formula of DevEq = PAT * x + i 2 TM a balanced blend of private equity and development finance – striving to build sustainable assets and communities, while ensuring the best possible returns for investors.www.phatisa.com