Centum Real Estate Limited, a subsidiary of the Nairobi Securities Exchange-listed Centum Investment Company raised KSh3 billion from its corporate bond.
The bond raised 75% of its targeted KSh 4 billion despite the prevailing difficult economic environment and the bearish corporate bond market.
The funds will help to finance its housing developments. The three-year bond has a maturity date set on December 16, 2023.
“Investors are now regaining confidence in the Corporate Bond market after the negative experience in 2019,” said Kabaki Wamwea, the CEO of Private Wealth Capital, the Lead Arrangers of the Centum Real Estate Bond.
The subsidiary has approved a project pipeline of 4,426 residential units, of which the first phase of 2,000 units is either under construction or pre-selling.