Barclays Bank of Kenya has signed an agreement with the real estate arm of Centum Investment Company to finance buyers of properties being developed in Kilifi and Nairobi.
The agreement will see Barclays financing residential units – both off-plan and established – developed by Centum Real Estate that currently covers Palm Ridge Estate and Awali Estate in Kilifi County, The Riverbank Apartments and Cascadia Apartments (Nairobi).
Barclays will provide up to 100% financing for properties below KSh 10 million and up to 90% financing for properties above Ksh 10 million.
The loans will be priced at a range of between 11.5 percent and 11.9 percent, Centum Real Estate’s managing director Samuel Kariuki.
Barclays’ director of retail and business banking, David Hardisty, said the deal is part of the lender’s strategy to expand its housing loans portfolio.
“We understand just how difficult it is for many people to own a home, despite this being a dream for most Kenyans. It is our desire to help all our customers achieve their ambitions in the right way,” noted Hardisty.
Centum is currently constructing 2,822 residential units, with plans to put up a total of 10,000 houses in East Africa targeting middle-class buyers over the next five years.