Kigali Heights Development Company has signed a contract with Fusion Capital to finance a US$ 16.9 million project to construct a nine-storeyed modern shopping center the plot of the former post office in Kimihurura.
“We have given ourselves a period of two years to complete this project,” said Denis Kabera, the managing director of Kigali heights Development Company. “The mall will include shops, restaurants, cafés, bars, banks, foreign exchange bureaus, ATM services and others.”
He mentioned that they are ready to go ahead with construction. “We already have the money to do the construction and we pledge to respect deadlines,” he said.
The company expects to create over 300 jobs.
Launching the project, the Kigali city mayor Fidele Ndayisaba said he is optimistic that the facility will change the face of the city in 2016.
Luke Kinoti, CEO of the Fusion Capital group, indicated this will not be their last project in Rwanda. “This is the culmination of a competitive tendering process in which Fusion Capital Rwanda participated as part of a consortium to develop a prime plot situated at the Kimihurura roundabout in accordance with the Kigali City Master Plan,” he explained. “This is part of our commitment to the East African region and Rwanda in particular; we have embarked on raising a US$ 100 million fund dedicated to supporting real estate projects.”
He added that the fund will be used to provide both debt and equity funding to a wide range of real estate developments, including commercial offices, tourist and hospitality facilities, affordable residential housing and warehousing.
Earlier, Fusion Capital said it was raising £100 million (Sh8.7 billion) for the real estate sector. The private equity firm had earlier said that it planned to list on the Nairobi Securities Exchange to raise additional capital from the public. Fusion Capital invests between $250,000 (Sh21.8 million) and $5 million (Sh437 million) per deal in real estate and small and mid-size enterprises. The company is currently financing 425 clients in Tanzania, Rwanda, Uganda, and Kenya and is also planning to launch operations in Burundi.
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