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 The Three Trends Reshaping South Africa’s Property Market It’s generally wise to greet claims of a one-size-fits-all solution to complex market challenges with a healthy dose of scepticism. Read more COMMERCIAL PROPERTY Improved outlook for South African property sector as tailwinds emerge The domestic property sector delivered a resilient performance for the first half of 2024, driven by improving property fundamentals supporting better organic growth outcomes. Read more Commercial Property Insights Residential Property Report: Quantitative Analysis of an Emerging Asset Class We are proud to announce the successful partnership between South African Multifamily Residential Rental Association (SAMRRA), Absa, and Divercity Urban Property Group in pioneering a research project on the multifamily residential property asset class in South Africa. Conducted by MSCI, the research unveils significant insights into the sector’s potential and performance, both in South Africa and on a global scale. Read more
