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Press Release Phatisa’s Pan African Housing Fund Teams up with Tamarind Properties, Kenya


Phatisa’s Pan African Housing Fund Teams up with Tamarind Properties, Kenya

17 September 2015

The Pan African Housing Fund (PAHF), managed by Phatisa, has entered into an agreement with Tamarind Properties to develop 140 single-family homes in a residential development in Nakuru Town, Kenya.

The development, known as Nakuru Meadows, is on a 10-acre piece of land, overlooking Lions Hills, Sirikwa caves, and the busy Nairobi-Nakuru Highway near Nakuru’s Free Area trading centre.

Nakuru Town is located north-west of Nairobi and is the fourth largest urban centre in Kenya. It faces rapid population growth, estimated at two million residents, with a supply gap of 8,000 housing units each year. Nakuru Meadows will help meet this demand.

‘Construction of the units will be done in two phases,’ says Tamarind Properties’ Managing Director, Joe Mungai. ‘Phase one will comprise 104 units, and phase two 36 units. The estimated completion time is 24 months.’

According to Okomboli Ong’ong’a, Phatisa’s Partner for Eastern Africa, PAHF, ‘Nakuru Meadows will be a game-changing development in Nakuru Town’s housing sector. We are very optimistic that this

co-investment with Tamarind Properties will have a significant impact on Nakuru reducing the housing shortage, and creating over 200 jobs during the construction period and close to 100 jobs after completion.’

PAHF is a private equity fund that provides risk capital to the fast-growing and lucrative middle and affordable housing sector in East and Central Africa. The deal represents the Fund’s fourth and largest investment in Kenya, affirming its commitment to providing equity finance to experienced and reputable property developers to enable the increase in the supply of affordable middle class housing in East Africa, Zambia and Mozambique.


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Phatisa press contact

Chama Mwenso, Corporate Communications & Investor Relations Manager, Phatisa

Telephone: + 27 11 463 1920 | Email:

Phatisa is a sector-specific African private equity fund manager, operating across sub-Saharan Africa, with offices in Mauritius, South Africa, Zambia, Kenya and London. The firm manages two sector-specific funds totalling over US$ 285 million and focused on food and affordable housing. Phatisa has a significant track record in managing private equity funds and businesses throughout the continent. Phatisa’s African Agriculture Fund has committed investments in excess of US$ 155 million, from Sierra Leone in West Africa to Mauritius, East Africa and 13 other countries in between. This reflects a total of eight portfolio companies across diverse sectors: primary farming, palm oil, processing, inputs, mechanisation, fertiliser, protein production and FMCG beverages. Phatisa also introduced an eastern and central African investment initiative in response to the ever-increasing housing shortage – the Pan African Housing Fund (PAHF). The US$ 41.95 million Fund commenced operations during Q1 2013 and has concluded four investments to date. At the heart of Phatisa is development equity, as embodied in the unique formula of DevEq = PAT * x + i 2 ™; a balanced blend of private equity and development finance–striving to build sustainable assets on the ground; and ensuring the best possible returns for investors, including the communities in which these operate.