Actis and Shapoorji Pallonji Real Estate have plans to launch a $120 million real estate joint-venture platform that will invest in affordable and middle-income housing in the sub-Saharan African region.
The venture will start to invest in Kenya.
“There is a huge demand for affordable and middle-income homes and the goal of the joint-venture platform will be to bridge the gap in this market and to exceed customers’ expectations,” said Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate.
Koome Gikunda, director at Actis, added, “Residential remains the largest real estate asset class globally. In a number of African markets, however, delivery is highly fragmented. There is a notable lack of institutional-quality homebuilders with the expertise, capital and consumer trust to truly address the opportunity at scale. Actis’ joint venture with Shapoorji Pallonji seeks to remedy this in partnership with our local stakeholders.”
