Monday, August 20, 2012

Shelter Afrique awards Stima Investment Sh395m loan

illustration of a four bedroom unit at the Stima Village

Pan-African housing and habitat development financier Shelter Afrique has awarded Stima Investment a 395 million-shilling development loan.
The loan will be used to support Stima Investments ongoing Syokimau gated community housing development project dubbed Stima Village.
“The funds are earmarked to co-finance the development comprising of a total of 156 housing units,” said Shelter Afrique Managing Director Alassane Ba, during the signing of the loan.
The partnership between the two comes on the backdrop of a strategic corporate undertaking to change its capital mobilization strategy by incorporating the use of both debt and equity instruments to finance its operation.
The Stima Village project is one of Shelter Afrique’s major middle-level investments aimed at increasing Kenya’s supply of affordable housing units for its growing middle class among other social classes.
76 maisonettes, 40 three bedroom and 36 four bedrooms units are expected to be built at the ongoing Stima Village through the loan.
Stima Investment draws a pool of over 4000 members from Kenya Power and Lighting Company (KPLC), Kenya Electricity Generating Company (KenGen), Rural Electrification Authority, Kenya Electricity Transmission Company, and Stima Sacco among others.  

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