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 East Africa property trends set to catalyse the market Positive GDP growth forecasts for Tanzania, Uganda, and Kenya support the continued development of a robust commercial real estate economy despite macroeconomic and geopolitical tensions impacting the region. Read more Videos Pan-African property sector trends, performance of the South African property sector Klaus-Dieter Kaempfer, Head of Commercial Property Finance and Equity Investments at Absa Corporate and Investment Bank discusses Pan-African property sector trends, performance of the South African property sector in the previous year as well as an outlook of anticipated performance for the year ahead. Videos Thoughts from our leaders Despite the challenging economic environment experienced over the last three years, there is still optimism in the East African property markets, which offer some exciting potential for patient investors, particularly in sectors such Light Industrial, Housing and Student Accommodation.
