Shapoorji Pallonji Real Estate, the property development subsidiary of Indian multinational Shapoorji Pallonji Group, has entered the Kenyan housing market with plans to set up a new multi-billion shilling estate in Nairobi.
The yet-to-be named project at Nairobi’s Garden City Mall on Thika Road will be developed through a Sh12 billion fund established by Shapoorji Pallonji and its joint venture partner Actis.
The joint partners will develop some 600 apartments, which will be sold to prospective buyers for a price range that will be dislosed later.
“We are delighted to partner with Actis in the African residential market. This venture marks the continuation of a journey for Shapoorji Pallonji Real Estate in the sub-Saharan African Region,” Shapoorji Pallonji Real Estate CEO Venkatesh Gopalkrishnan said in a statement.
“There is a huge demand for affordable and middle-income homes and the goal of the joint-venture platform will be to bridge the gap in this
market and to exceed customers’ expectations.”
Actis Global Head of Real Estate David Morley said the two partners had undertaken similar projects in India, where they have delivered thousands of high quality affordable homes.
“Actis and Shapoorji Pallonji in India have delivered thousands of high quality, aspirational homes at affordable prices.
We are confident that Actis investment experience in Africa coupled with Shapoorji Pallonji’s experience in construction and real estate development will unlock the significant opportunity,” Mr Morley said.
Actis is the developer of Garden City Mall, a mixed-use development that features retail, residential and office space.
The private equity firm is currently building a Sh54 billion business park adjacent to Garden City Mall. The facility offers 25,000 square metres of office space, a healthcare facility, two hotels and more than 400 mid-market homes.