Milost Global, a New York based private equity firm, has announced plans to invest $450m in Kings Pride Properties, a Nairobi based real estate development and investment company. 

Solly Asibey, Senior Partner & President of Milost Global Africa, said: “The wealth of knowledge, track record and growth strategy of Kings Pride with regards to the real estate development market in Kenya has endeared Milost to partner with them. Our aim is to help grow Kings Pride into a formidable company in the East African region, whilst creating value for all our stakeholders in the process.”

This is a working capital and development facility for the company which is being provided as a combo of debt and equity, of which $150m will be an equity facility and $300m will be debt facility. 

Kings Pride Properties is a seasoned property development company in Kenya currently eyeing the greater sub-Saharan Africa as an expansion plan. 

The company has been a leading solution provider towards affordable housing in Kenya as well as top notch developments in the high end markets of Nairobi.

To date, Kings Pride Properties has delivered over 500 homes in the residential grid while in the current strategic plan has master developments that will include affordable residential properties, hotels, office complexes, shopping malls and business parks in Nairobi, Mombasa and other targeted cities in the continent all ear marked in the strategic expansion.

David Karau, CEO of Kings Pride Properties, said: “The best solution the company has garnered this last quarter of 2017 is this key partnership with Milost Global. Players in our market know how securing financing locally has taken a twist and became very scarce and expensive.” 

“This went all the way into project execution lacking the business charisma expected by the market more so low ROI as well as unaffordability by the end user. We opened our finance and investments doors for this strategic partnership and we hope it comes in as a solution to our property development agenda,” he added.

Bernard Yaw, President and COO of Milost Global, added: “Despite weaknesses in global economic performance, Kenya’s GDP growth has remained consistently solid in the range of 5.3%-5.9% for the last six years, helped by FDI and private consumption. Under the 15th blueprint of the Kenya Economic Update, unlocking the affordable housing market is one of the key economic focus.” 

“With 61% of urban households still living in slums and an urbanization rate of 4.4%, Kings Pride Properties is sitting in a huge market. We are proud to be associated with Kings Pride and together we hope to fund and expand into other sub-Saharan Africa with Kenya as our launching pad,” he said.