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Nairobi-based real estate developer Fusion Capital Limited has raised over US$8 million towards the completion of Greenwood City Mall, in Meru County in Kenya.
The company, which doubles up as a private equity firm, had previously structured the financing of the mall as a Development Real Estate Investment Trust (D-Reit) which achieved a 38 percent subscription against the set threshold of 50 percent subscription, but the Shareholders of Meru Greenwood Park dropped the DREIT in favor of private funding for the development.
According to the firm, the construction of the mall has now fully been funded privately by investors from the United Kingdom and Finland to a tune of USD. 8 Million of new cash as well as local land partners.
Fusion Group’s Chief Executive, Daniel Kamau said, “We have a first-mover advantage in Meru and hence the decision to proceed with the circa 12,000 sqm shopping mall which we …
