Thursday, February 21, 2019 UTC
News > Private Equity > PE Industry News

Taaleri to invest in real estate projects

Africa Global Funds
Dec. 9, 2016, midnight
395

Word count: 340

Taaleri, a Finnish private equity fund and financial services group, has announced plans to invest Sh10bn ($98m) in East and South African real estate projects, Business Daily reported.

Receive ONE magazine and TWO locked articles of your choice for FREE when you register an account
Share:

Taaleri, a Finnish private equity fund and financial services group, has announced plans to invest Sh10bn ($98m) in East and South African real estate projects, Business Daily reported.

Juhani Elomaa, Taaleri CEO, said: "East Africa is the area where we have been active. There are tremendous opportunities in the region. We started with about $50m with the first fund. We are going to raise new funds, double the first funds, by beginning of next year.” 

Taaleri, in partnership with local private equity firm Cytonn Investments, has so far invested about Sh4bn in the Kenyan real-estate market.

The two companies are exploring more investment opportunities in both real estate and renewable energy sectors.

Elomaa also announced the firm was considering venturing into regional green energy projects from early next year. 

The two firms have projects in Nairobi, Kiambu and Meru counties.

They invested Sh1bn in Amara Ridge, a high-end residential development in Karen, Nairobi.

Cytonn has also ventured into other areas including the fast-growing middle income town of Ruaka on the outskirts of Nairobi, where it is building 400 units in a gated community at Sh2.5bn.

The project is scheduled for completion within three years and targets middle- to lower-income earners looking for modern apartments.

In Meru town, it has partnered with Fusion Capital in the ongoing mixed-use development of Greenwood City mall.

Antti-Jussi Ahveninen, Taaleri's Head of Africa, said the Kenyan market is being driven by healthy fundamentals.

"In Kenya you will not run out of ordinary families who will need a good quality home, we are here to provide those homes," he said.

He believes the Real Estate Investment Trust (Reits) regulations serve the market well and are well structured by the Capital Markets Authority.

"This allows investors like us to come into the market and fund development projects because how we see it is that even when our money leaves and we exit the ownership of the property, it will stay here and the proprietor of the new property will create jobs for Kenyans," said Ahveninen.

About Our Publication

Africa Global Funds (AGF) is a monthly magazine for asset management professionals and institutional investors worldwide interested in the African continent. AGF was created as a relevant and engaging resource that can provide readers with an insight of what is going on in the African asset management space. Drawing on an intense dialogue with a constantly expanding group of key decision-makers in the industry, we cover traditional and alternative asset classes of African asset management. From this dialogue we work hard to produce a compelling blend of hard news, incisive commentary, detailed sector and regional reports, exclusive interviews and proprietary data.

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration