- Mi Vida Homes is a new home builder being launched to address the shortage of quality middle income housing in Kenya.
- Under a Ksh 12 billion joint venture, the two partners (Actis and SPRE) will deliver over 2,000residential units.
- Construction of the first Mi Vida Homes project will begin in the third quarter of the year within the Garden City mixed use development.
- Mi Vida Homes is a solid property investment, as it offers buyers a new home with best in class finishes, design and amenities.
Actis, a leading growth markets investor and Shapoorji Pallonji Real Estate (SPRE), the real estate arm of one of India’s largest conglomerates, have launched ‘Mi Vida’, a new Kshs. 12 billion residential housing project that seeks to address the shortage of middle income housing in Kenya.
This joint venture follows on from an ongoing and highly successful partnership between Actis and Shapoorji Pallonji in India where they have delivered thousands of high quality homes at affordable prices.
The first project will be rolled out within the Actis’ Garden City mixed use development where a total of 624 residential units ranging from one bedroom, two bedroom and three bedroom units will be constructed on a 4.5 -acre parcel of land, adjacent to the popular Garden City mall, off Thika road.
Construction of the first phase, comprising 208 units, will commence in the third quarter of the year.
Koome Gikunda, Director, Actis stated: “Actis has built a wealth of knowledge and deep sector expertise in Kenya and the rest of Africa. Over the last 15 years we have established that there is a notable lack of institutional quality homebuilders with the expertise, capital and consumer trust to truly address the opportunity at scale. We are therefore confident that this venture is designed to bridge this gap and offer a great investment opportunity for local home buyers within the middle income market.”
Commenting on the launch of the new platform, Venkatesh Gopalkrishnan CEO, Shapoorji Pallonji Real Estate, said: “We are very excited to be partnering with Actis in launching Mi Vida Homes. There is a huge demand for middle-income homes and as partners we are committed to bridging the gap in this market and to exceed customers’ expectations.”
This project will be managed by Chris Coulson who was appointed by Actis and SPRE as the CEO of the joint venture earlier in the year. Commenting on the launch, Chris who is also the Managing Director of Garden City noted: “This is a great time to launch and bring the much needed buyer confidence into the local residential market. I am very pleased and excited to lead this project and look forward to driving the development and execution of the platform’s corporate strategy.”
Designed to promote healthy lifestyles, ‘Mi Vida’ (which means ‘my life’ in Spanish) will boast unique health and sports facilities such as an Indoor gym with yoga and fitness studio, multi-purpose sports court, 300 metre outdoor jogging track and outdoor gym. Additionally, residents will also have access to special community and leisure amenities such as a barbeque deck, both an adult and children’s pool, social events hall, kids play area, crèche (play school) and day care and over one (1) acre of landscaped gardens.
Safety for the homes will be paramount and will include security features such as an intercom system for each apartment, 24 hour manned security, CCTV monitoring and access control to all blocks.
Actis is a leading investor in growth markets, delivering consistent competitive returns, responsibly. It has a growing portfolio of investments across Asia, Africa and Latin America, and has raised over US$ 15 billion since inception.
Actis is the largest real estate private equity investor-developer in Sub-Saharan Africa (“SSA”) with a long track-record of delivering institutional quality real estate across commercial, retail, residential and industrial asset classes. Actis Africa Real Estate 3 (“ARE3”) is the latest fund raised by Actis to invest exclusively in real estate opportunities across SSA and with over US$ 500 million of capital commitments is the largest targeting the region.
Applying developed market disciplines to growth markets, an established team of circa 120 investment professionals in eleven countries identify investment opportunities in response to two trends: rising domestic consumption and the need for sustained investment in infrastructure across private equity, energy and real estate asset classes.
Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. Actis targets consistent superior returns across asset classes over the long-term, bringing financial and social benefits to investors, consumers and communities.
About Shapoorji Pallonji Group:
Shapoorji Pallonji And Company Pvt Ltd, established in 1865 in India, is a global diversified institution, with a leading presence in the sectors of Engineering & Construction, Infrastructure, Real Estate, Water, Energy and Financial Services. A strong employee base of over 69,000 people, deliver end-to-end solutions across 60 nations. We build mega-structures, develop multifaceted iconic landmarks, curate innovative technologies in water management, renewable energy, oil & gas and power, with a focus on good governance and sustainable development, to engineer a better planet.
SP Group has developed a strong presence in the African continent and has executed projects in over 15 countries in Africa and has business development/project offices in Kenya, Ghana, Zambia, Gambia, Liberia, Algeria and Mauritius. SP Group has successfully completed the construction of the prestigious Seat of Governance and Presidential Palace at Accra, Ghana, New National Assembly Building of The Republic of Gambia, Gambia and several Mass Housing Project in Algeria.
SP Real Estate is a well-regarded, reputed player in the Indian real estate sector owing to cutting-edge design innovation, construction quality and architectural excellence. The company has created several landmarks across the country. From skyscrapers to affordable housing to functional workspaces, it is committed to deliver quality lifestyle spaces. The company is developing India’s largest affordable housing project ‘Shukhobrishti’ in Kolkata and has already delivered around 10,000 homes.