Kenya’s Acorn Group and UK- based private equity fund Helios have signed a contract worth US$ 68 Million to construct 3,800 hostels to serve students of USIU-Africa, Strathmore and Daystar universities in Nairobi.
The project, backed by International Finance Corporation (IFC) to a tune of $40 Million aims to reduce the current deficit in affordable student accommodation.
In a statement, IFC said “The step will help reduce the deficit in affordable accommodation for those in tertiary institutions and those newly out of college but cannot afford to buy property for themselves.”
About Acorn Group
Acorn Group is a Kenyan based property development firm established in 2001 and has overseen the development of a number of iconic projects including the Coca-Cola Regional HQ and the Deloitte Head Office in Nairobi. The company recently changed its focus on developing and managing purpose built rental accommodation for young people in Nairobi.
Helios Investment Partners is a private equity investing firm operating in Africa and based in London, United Kingdom, with additional offices in Nairobi, Kenya and Lagos, Nigeria. It operates a range of funds valued at more than $3 billion in capital commitments. These investments include start ups, growth equity investments, listed companies and large scale leveraged acquisitions across Africa.