Media And News
Media Announcement: Phatisa’s Property Fund teams with Kigali Bastsinda Estate, Rwanda
PHATISA’S PROPERTY FUND TEAMS UP WITH KIGALI BATSINDA ESTATE, RWANDA
14 OCTOBER 2015
The Pan African Housing Fund (PAHF), managed by Phatisa, has entered into an agreement with Kigali Batsinda Estate Limited to develop a new residential housing complex in Kagugu Cell, Kinyinya Sector, Gasabo District, Kigali City, Rwanda.
Kigali is a burgeoning African city with an increasing demand for access to affordable housing by the growing middle class. Phatisa identified Rwanda’s residential real estate sector as a favourable investment opportunity for PAHF and is confident that this new development, Izuba City, will catalyse the development of more affordable housing schemes in Kigali City.
Izuba City is a 300-unit housing complex, featuring a range of options, from one-bedroom starter homes to three-bedroom family residences. The modern development offers spacious living areas, balcony space and attractive interior layouts.
With full funding secured for the project, and thanks to value-enhancing project management and governance mechanisms, this co-investment with PAHF aims to enable Kigali Batsinda Estate Limited (KBEL) to deliver Izuba City rapidly and with less risk. Izuba City’s developer, KBEL, is managed by a dedicated team of real estate professionals and is headed by Philippe Kubwimana.
‘Phatisa recognises the increasing need for affordable, good-quality housing options for the rapidly expanding middle class in Rwanda. We are committed to providing much-needed equity to increase the supply of housing options into the growing city of Kigali through a range of innovative housing developments such as Izuba City, while securing an attractive return on investment,’ stated Okomboli Ong’ong’a, deal team leader and Phatisa East Africa Fund Partner at the PAHF. He added that Izuba City will soon be followed by a sixth investment in the region.