Browsing: The Ridge

Cytonn Investments has filed an application with the Capital Markets Authority (CMA) to register a Development Real Estate Investment Trust, (DREIT), seeking to raise Ksh2.0 billion(US$19.3million) of capital.

Cytonn Investments has filed an application with the Capital Markets Authority (CMA) to register a Development Real Estate Investment Trust, (DREIT), seeking to raise Ksh2.0 billion(US$19.3million) of capital.

The DREIT, which is innovatively structured to pay a coupon over the life of the development, will be deployed for the first phases of two of the firm’s real estate projects, The Ridge in Ridgeways, and RiverRun Estates in Ruiru.

READ ALSO:Cytonn granted REITs manager license ahead of NSE launch

This capital raise is envisioned to help Cytonn diversify funding sources for their real estate development pipeline, which has a project value of over Ksh82.0 billion (US$269.9million).

The leading alternative investment management firm in the East African Region (Cytonn) has traditionally relied on private sector funding, which while easier to access, has been more expensive.

This has thus necessitated the development of alternative sources of funding, allowing development of institutional-grade real …