Shelter Afrique, a Pan African Development Financier based in Nairobi’s Upper Hill District, is seeking to partner with global Private Equity Firm Actis Limited, and Indian Real Estate Firm Shapoorji Pallonji, in a bid to deliver affordable housing projects across Africa. In a formal announcement made on Tuesday, 7th February 2023, Shelter Afrique noted that it is aiming at using Actis and Shapoorji’s Mi Vida Garden City project model in Kenya to deliver the projects in various African countries. Construction of Mi Vida commenced in July 2019, and successfully completed and launched in August 2022, with 221 affordable housing units.
Shelter Afrique’s decision comes at a time when the African affordable housing initiatives are gaining traction, with some of the completed projects being Park Road Project in Kenya and, The Asokore Mampong Affordable Housing Project in Ghana. Other projects in the pipeline include; Kenya’s Pangani Affordable Housing project that is anticipated to be completed by June 2023, and Duo by Mixta Real Estate in Nigeria, among many others.
Once initiated, the partnership deal will boost financing of the initiative whose main challenge continues to be inadequate funding, leading to the stall of some projects. Consequently, the partnership deal is expected to promote the housing supply in Africa, as well as the overall home ownership rates.
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Source:Nairametrics.
