Cytonn Investments Management Plc has signed a Ksh 650 million loan deal with mid-tier SBM Bank Kenya.
This is a three-year facility that will be used to complete The Alma project, a Kshs. 4.0 billion mixed development featuring 477 residences and commercial blocks, in the upmarket Ruaka area in Kiambu.
Edwin H. Dande, Chief Executive Officer at Cytonn Investments, noted, “This signals the beginning of a long-term partnership with SBM. This is the first bank loan for Cytonn Investments, which has been raising capital from institutional investors such as Taaleri of Finland, who have invested Kshs. 5 billion with us, and high net worth individuals who have invested over Kshs. 11 billion through Cytonn HYS. This partnership with SBM is not just about Alma, it’s about coming together to contribute towards alleviating the housing needs, and in turn creating jobs, growing the economy and uplifting the standards of living,” added Edwin.
Jotham Mutoka, the Deputy Chief Executive Officer at SBM Bank of Kenya, noted, “Cytonn is delivering institutional grade real estate while also delivering attractive returns to their investors. It is also playing a key role in the development of housing in Kenya and does all this with the highest standards of corporate governance. This Kshs. 650 million is a testament to SBM believing in the Cytonn strategy.”
The Alma also consists of a lifestyle clubhouse, a commercial facility, high levels of security, a borehole, an elevated playground for children and ample parking.
It aims to uphold its tagline ‘Simply exceptional’ upon completion, Cytonn envisions “Convenience and comfort.