• About Us
  • Archives
  • SWG Registration
Samrack Media
Mahiga Homes
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
Samrack Media
No Result
View All Result

House builder Kings Pride seeks Sh45bn from US equity firm

samrack by samrack
December 2, 2017
in Africa, Business, Diaspora, Home Expo, Hostels/Housing, house for sale, Kenya, Kenya Diaspora News, News, Real Estate, U.S Diaspora
A A
0
House builder Kings Pride seeks Sh45bn from US equity firm
Share this
FacebookTwitterPinterestEmailWhatsAppLinkedIn
KINGS PROPERTIES CEO MAJ (RTD) DAVID KARAU AT HIS OFFICE. PHOTO | DIANA NGILA | NMG 

House builder Kings Pride seeks Sh45bn from US equity firm

One of Kenya’s largest real estate firm Kings Pride Properties has opened talks with an American company for a Sh45 billion equity-cum-debt injection.

Group chief executive Major (Rtd) David Karau and director George Fundi who returned from the US yesterday confirmed signing a financing term sheet with the New York-based private equity firm, Milost Global Incorporated last Friday.

Kings Pride Properties Inks a Multimillion Dollar Financing Term Sheet With a New York PE Giant

 (GLOBE NEWSWIRE) — Kings Pride Properties Limited, a Nairobi based real estate development and investment company, announced today that it has signed a financing term sheet of USD$450 million with Milost Global Inc, a New York based Private Equity Firm. This is a working capital and development facility for the company which is being provided as a combo of Debt and Equity, of which $150 million will be an equity facility and $300 million will be debt facility. Both the company and the investor are expected to sign a commitment letter by November 16th 2017.

The Chief Executive Officer of Kings Pride Properties Limited, Maj (Rtd) David Karau, stated, “The best Solution the company has garnered this last quarter of 2017 is this key Partnership with Milost Global Inc. Players in our market know how securing financing locally has taken a twist and became very scarce and expensive. This went all the way into project execution lacking the business charisma expected by the market more so low ROI as well as unaffordability by the end user. We opened our finance and investments doors for this strategic partnership and we hope it comes in as a solution to our property development agenda.”

The Senior Partner & President of Milost Global Africa, Solly Asibey, stated, “The wealth of knowledge, track record and growth strategy of Kings Pride with regards to the real estate development market in Kenya has endeared Milost to partner with them. Our aim is to help grow Kings Pride into a formidable company in the East African region, whilst creating value for all our stakeholders in the process.”

Read more: Kings Pride Properties Inks a Multimillion Dollar Financing Term Sheet With a New York PE Giant

Milost, which confirmed the plan on its website, manages about Sh2.5 trillion.

It usually targets majority stake buyouts in firms dealing in technology, transport, education, distribution, mining, financial services, healthcare, pharmaceuticals, real estate, alternative energy, infrastructure development, oil and gas.

“It is too early to discuss the contents of the deal that is at the onset,” said Mr Fundi.

Once the deal is finalised, Milocast will invest Sh15 billion in equity while the rest will be a debt to fund various Kings Pride projects currently under execution.

Mr Karau described the deal as the best solution saying Kenya’s real estate sector had suffered major setbacks due to unavailable of credit that made development loans costly forcing developers to pass on the same to house buyers.

Milost Africa president and senior Partner Solly Asibey said they were convinced the Kenyan firm’s portfolio was a good investment. Its global president Bernard Yaw said Kenya’s consistently solid GDP growth of 5.3 per cent to 5.9 per cent for the last six years as well as increased foreign direct investments confirmed Kenya was too ‘attractive’ a market to ignore.

The two executives noted the 1.8 million housing deficit presented Kings Pride with a huge market adding they would make Kenya the regional hub as they plan to expand to other markets.

Kings Pride has built 500 housing units to date, mainly targeting high-end clients.

Source: Daily Nation

 

Tags: Houses builder Kings Pride seeks Sh45bn from US equity firmKINGS PROPERTIES CEO MAJ (RTD) DAVID KARAU AT HIS OFFICE. PHOTO | DIANA NGILA | NMG
Previous Post

Uhuru Kenyatta​ to dedicate last term fostering unity, nationhood

Next Post

Why Raila Should Swear Himself In by Mutahi Ngunyi THE 5TH ESTATE

Related Posts

A Lake Elsinore couple were out celebrating a birthday when they were killed in a wrong-way crash. Loved ones are now raising money for the couple's three children.
Diaspora

GoFundMe fundraiser:Donate to help the Mbatha children and family

March 23, 2023
Daughter of the Late Kenyan Journalist Philip Ochieng Found Dead in Dallas, Texas

Daughter of the Late Kenyan Journalist Philip Ochieng Found Dead in Dallas, Texas

March 22, 2023
US-Based Kenyan Couple Brutally Murdered in Their Home in Nyamira

US-Based Kenyan Couple Brutally Murdered in Their Home in Nyamira

March 22, 2023
Kenyan Couple Dies in a Fatal Road Crash in California

Kenyan Couple Dies in a Fatal Road Crash in California

March 22, 2023
Azimio Leader Raila Odinga leading the "People's Baraza" in Nakuru Town on March 17, 2023.
News

Raila Odinga’s secret cards for mass action

March 19, 2023
President William Ruto. Image: PCS
News

I will not allow you to terrorise Kenyans, Ruto tells Raila

March 19, 2023
Next Post
Why Raila Should Swear Himself In by Mutahi Ngunyi THE 5TH ESTATE

Why Raila Should Swear Himself In by Mutahi Ngunyi THE 5TH ESTATE

Please login to join discussion
ADVERTISEMENT
ADVERTISEMENT
Royal Gardens Ngong Royal Gardens Ngong Royal Gardens Ngong
ADVERTISEMENT
KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680
ADVERTISEMENT

Latest News

GoFundMe fundraiser:Donate to help the Mbatha children and family

Daughter of the Late Kenyan Journalist Philip Ochieng Found Dead in Dallas, Texas

US-Based Kenyan Couple Brutally Murdered in Their Home in Nyamira

Kenyan Couple Dies in a Fatal Road Crash in California

Raila Odinga’s secret cards for mass action

I will not allow you to terrorise Kenyans, Ruto tells Raila

Transition /Death Announcement of Joseph Karanja Gaturu (Mr. Karanja) father to Esther Macharia & father in-law to James Macharia Matu of Lowell, Massachusetts

URGENT COMMUNITY APPEAL : FOUR KENYANS ESCAPE A FIRE TRAGEDY IN MALDEN, MASSACHUSETTS

Ireland-Based Kenyan Businessman Seeks Justice After His Sh55 Million Property Was Demolished

DJ Fatxo speaks: ‘Justice will prevail’

We are grateful for your monthly or one-off donations To Samrack Media: Cash App No: 781-888-8770 $SAMRACK001

Money

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

by samrack
November 19, 2021
0

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency This week sees the launch of a new initiative to equip...

A simple guide to Government Bonds investing in Kenya

A simple guide to Government Bonds investing in Kenya

by samrack
September 17, 2021
0

A simple guide to Government Bonds investing in Kenya A treasury bond (T-bond) is a medium term to long term...

Politics

Kisumu residents stage protests over high cost of living in Kisumu on March 10. Image: DANIEL OGENDO

[PHOTOS] Dramatic scenes during Kisumu demonstrations

by samrack
March 10, 2023
0

Dramatic scenes during Kisumu demonstrations The protesters are seen negotiating with police to allow them to demonstrate. They held...

Azimio leaders at Migori rally on Friday, March 10, 2023 Image: JAMES ORENGO/TWITTER

Raila names Safaricom among companies listed for boycott

by samrack
March 10, 2023
0

Raila names Safaricom among companies listed for boycott He said his call for mass action and demonstrations which will culminate...

  • About Us
  • Archives
  • SWG Registration

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

Page generated in 1.025 seconds. Stats plugin by www.blog.ca