Kenya: Actis to exit real estate business
Actis is set to exit its investment in Kenyan real-estate developer Mi Vida Homes.
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Actis is set to exit its investment in Kenyan real-estate developer Mi Vida Homes after signing a share-purchase agreement for a management-led buyout of the business. The deal is subject to regulatory approval.
Mi Vida was created in 2018 as a green affordable and mid-market housing developer.
Samuel Kariuki, CEO of Mi Vida Homes, said: “This is the first such transaction involving a residential development platform in our market. This milestone marks an important chapter in Mi Vida’s journey and reinforces the viability of institutional home builders in Africa. It demonstrates that institutional home builders can be nurtured to scale in Africa.”
Louis Deppe, partner at Actis, commented: “We believe this transaction highlights the depth of opportunity for long-term capital formation in African real estate and validates the strength of a model where global investors incubate, institutionalise and ultimately transition platforms to local ownership. Actis’ Africa Real Estate business has been a pioneer in evolving from investor-developers to true platform builders and investors in Africa, one of the first global investors to execute this strategy at scale across the continent.”
Ravi Rughani, principal at Actis, added: “We are immensely proud of our partnership with Mi Vida Homes and the journey we have undertaken together since inception. This transaction is not only a validation of the vision we set out to achieve in 2018, but, in our view, a clear demonstration of the institutionalisation of Africa’s residential real estate sector. Over the past six years, Mi Vida has been transformed into a platform with investment-grade governance, a robust balance sheet, and a well-diversified funding base – qualities that resonate with both international and domestic capital providers.”
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