Student Factory Eyes The Kenyan Market With Students’ Houses Worth USD 50 Million

By Soko Directory Team / Published March 19, 2021 | 3:00 pm




KEY POINTS

Student Factory has entered into a partnership with partners with Dutch EPC to build Student Housing in Kenya worth 50 million USD that will fill the gap and help Kenyan students find a place to call home as they pursue their education within and without the city.




Universities in Kenya are experiencing an acute student housing shortage. The existing capacity is limited and new developments have ultimately not kept pace with the growth in enrolment.

According to the Ministry of Education, available student housing in Kenya stands at 300,000 against a university enrolment of 520,900 as of 2018, excluding technical colleges.

Cytonn Research says that on average, the majority of higher institutions in Kenya only cater to approximately 22.6 percent of their student population, having looked at various tertiary institutions, their on-campus hostels capacity against their student enrolment.

Assuming that 10.0 percent live at home, this means private investors are left to cater for at least 67.4 percent which translates to over 350,000-bed spaces. The majority of the private student housing stock lacks in quality and amenities that are expected of student accommodation.

There is a huge gap of institutional-grade student housing stock to warrant interest from willing international institutional investors seeking to deploy capital in regions with strong returns.

CEO / Director Student Factory Africa, Limited Christopher Osore and Chairman Red Betonbouw B.V., Enes Djerlek during the signing ceremony held at a city hotel. SFAL has partnered with Dutch EPC to build student housing in Kenya worth $50 million.

 

It is because of the need for students to have better that Student Factory Africa Limited has hit the Kenyan market with an aim of shifting the market by breathing a new leaf of life with amazing student hostels that will be defined by quality and affordability.

The company has entered into a partnership with partners with Dutch EPC to build Student Housing in Kenya worth 50 million USD that will fill the gap and help Kenyan students find a place to call home as they pursue their education within and without the city.

“We are excited to partner with KCCB, Tracom, and Redbeton to deliver a state of the art, holistic student housing project that will change the lives of young Kenyans,” said Mr. Christopher Osore the CEO and Director of Student Factory Africa Limited.

Speaking during the signing of the partnership, Mr. Paul Njau Karuma, the Managing Director of Tracom Services Limited, said that the project has come at a time Kenya is in dire need of student housing that will impact young lives and provide habitable spaces.

“These spaces will allow the students to build robust communities that will last a lifetime. Student village Karen will be exciting to live in and learn.  We are thankful for all the teams that have dedicated time and resources to make this a success,” he said.

Student Factory Africa Limited also partnered with the Catholic Church and the catholic university to “revolutionize student accommodate in Africa.”

“Our partnership with the Catholic Church and the catholic university offers us a great opportunity to develop a unique value proposition that not only addresses the need for beds but also looks at the value we can give the students in,” said Mr. Kevin Ndungu, the COO at Student Factory Africa Limited.

Mr. John Mulatya, the Associate Director at MML Turner, and Townsend said: “MML Turner and Townsend is excited at the opportunity of being a trusted partner to Student Factory in the delivery of the prestigious project. We believe in project excellence.”

The proposed development is located in Karen, Nairobi. Student Factory has secured a lease for over a 12-acre portion of the land from the Kenya Conference of Catholic Bishops (KCCB), on which student factory will develop, in
phases, a 4500-bed student accommodation facility.

The Student Factory team during the signing of the partnership.

 

The first phase will include 1,500 beds and the communal facility over a 1-year delivery program. Construction commencement is scheduled for May 2021. Communal lounges, communal kitchen, and dining area, each room includes a kitchenette with a microwave, laundry facilities, and drying area per block, sports/recreation area per courtyard, additional sports field, central communal block (chapel, central reception area, management office, student meeting rooms, central kitchen, main dining room/multi-purpose hall, convenience store, gym, and Sanatorium).





About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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