Kings Pride Properties Inks a Multimillion Dollar Financing Term Sheet With a New York PE Giant
- Created: Monday, 13 November 2017 17:17
- Written by Nasdaq GlobeNewswire
NAIROBI, Kenya, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Kings Pride Properties Limited, a Nairobi based real estate development and investment company, announced today that it has signed a financing term sheet of USD$450 million with Milost Global Inc, a New York based Private Equity Firm. This is a working capital and development facility for the company which is being provided as a combo of Debt and Equity, of which $150 million will be an equity facility and $300 million will be debt facility. Both the company and the investor are expected to sign a commitment letter by November 16th 2017.
The Chief Executive Officer of Kings Pride Properties Limited, Maj (Rtd) David Karau, stated, “The best Solution the company has garnered this last quarter of 2017 is this key Partnership with Milost Global Inc. Players in our market know how securing financing locally has taken a twist and became very scarce and expensive. This went all the way into project execution lacking the business charisma expected by the market more so low ROI as well as unaffordability by the end user. We opened our finance and investments doors for this strategic partnership and we hope it comes in as a solution to our property development agenda.”
The Senior Partner & President of Milost Global Africa, Solly Asibey, stated, “The wealth of knowledge, track record and growth strategy of Kings Pride with regards to the real estate development market in Kenya has endeared Milost to partner with them. Our aim is to help grow Kings Pride into a formidable company in the East African region, whilst creating value for all our stakeholders in the process.”
President and COO of Milost Global Inc., Mr. Bernard Yaw, added, “Despite weaknesses in global economic performance, Kenya’s GDP growth has remained consistently solid in the range of 5.3%-5.9% for the last six years, helped by FDI and private consumption. Under the 15th blueprint of the Kenya Economic Update, unlocking the affordable housing market is one of the key economic focus. With 61% of urban households still living in slums and an urbanization rate of 4.4%, Kings Pride Properties Limited is sitting in a huge market. We are proud to be associated with Kings Pride and together we hope to fund and expand into other sub-Saharan Africa with Kenya as our launching pad.”
About Kings Pride Properties Limited
Kingspride Properties is a seasoned Property development company in Kenya currently eyeing the greater sub Saharan Africa as an expansion plan. The company has been a leading solution provider towards affordable housing in Kenya as well as top notch developments in the high end markets of Nairobi. “Designing and building residential blocks and communities with international standards bench mark has been a business routine for us,” says the Group CEO & Chairman – Maj (Rtd) D. Karau. To date, Kingspride Properties has delivered over 500 homes in the residential grid while in the current strategic plan has master developments that will include affordable residential properties, hotels, office complexes, shopping malls and business parks in Nairobi, Mombasa and other targeted cities in the continent all ear marked in the strategic expansion.
The economic forces rotating around both consumers and businesses are now eager to emerge from hibernation witnessed at the start of the electioneering period now past us. This is evident in the market with the group having five projects up and running with four mega & exciting others in the pipeline of execution in the coming year 2018. www.kingsprideproperties.co.ke for more information.