Fusion Capital Sh4bn Rwanda property opens for business
Kenyan private equity firm Fusion Capital has completed its mixed-use development project in Rwanda at a cost of Sh4 billion.
The 30,000 square-metres structure known as Kigali Heights was officially opened for business by Rwanda president Paul Kagame on Monday.
“This project is following through on what the struggle was about, a developed and prosperous Rwanda,” said Mr Kagame.
The development consists of a nine-storey block along the boulevard frontage and a six-storey block that faces the Kimihurura Roundabout in Gasabo district opposite Kigali Convention Centre.
It has attracted both international and local players in banking sector and retail industry such as supermarkets chains, restaurant chains, clothing stores, and food chains.
Full occupancy is expected by the end of quarter one 2017 according to the PE fund.
Some of the brands that have taken space include Java House, Deacons, Bosini, Ecobank, Zuchinni, Bold in Africa and Simba supermarket.
Fusion Capital raised bulk of funds from its international individuals and institutional clients. It has 13 projects across the East Africa, the major ones being in Kenya (Upper Hill, Nakuru and Mombasa), Uganda and Rwanda.
Fusion Capital Real estate executive director Daniel Kamau said the firm was attracted to Rwanda based on the country’s rapid growth in Africa.
The PE fund is in partnership with business people Dennis Karera and Michael Idusso.