COMMERCIAL PROPERTY INSIGHTS | 10 FEBRUARY 2023 Investing in Kenya's future, its youth Absa | Corporate and Investment Banking > Insights and Events > Investing in Kenya’s future, its youth SHARE Absa provided Acorn Student Accommodation D-REIT a 6-year development finance loan of KES 6.7 billion to part finance the development of 10 sustainable, high quality, purpose-built student accommodation projects. Acorn Student Accommodation D-REIT are pioneers of REIT market development in Nairobi, with Acorn Student Accommodation D-REIT being the first issuers of a development REIT in Africa. This follows the company’s success of being the first issuer of a green bond in Kenya. As a Pan-African bank, sustainability is a key strategic enabler. We’re passionate about ESG and bringing more sustainable assets to the African market. Student accommodation throughout Africa remains an in-target asset class given the market demand and social importance related to housing on the continent. With this deal – a development finance loan to part finance the development of 10 sustainable, high quality, purpose-built student accommodation (PBSA) projects - we became the first bank to finance a development REIT in a bilateral loan agreement in Sub-Saharan Africa. This is also our first sustainable finance for a commercial property finance transaction outside of South Africa. The bravery to imagine and the will to get things done. That’s Africanacity. Find out more about our Commercial Property Finance solutions https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles Commercial Property Insights Resilient performance from SA property despite tough economic backdrop Despite the challenging economic backdrop, high interest rate environments and elevated cost pressures associated with loadshedding, the domestic property sector delivered a resilient performance in 2023 according to data from the annual MSCI South Africa Property Index. Read more COMMERCIAL PROPERTY Driving a sustainable South Africa, together- one green building at a time In an era of increasing environmental awareness and climate change concerns, the real estate and construction industry finds itself at the forefront of sustainability efforts. Read more DEALS Making Africa’s richest square mile more accessible and sustainable Absa, Divercity and Atterbury partner to construct Barlow Park, a green, affordable, residential precinct in one of the continent’s most prestigious locations. Read more
