As of 1st of September 2021, Cytonn CHYS and CPN Investors have converted 2.5 billion shillings of their investment funds from the two illiquid funds into real estate, translating to a 20% resolution of the debt owed by the two funds.
The conversion of investor funds into real estate is part of the options presented by Cytonn Group, in consultation with various investors, partners, and board officials, on restructuring debt in the two funds.
The 2.5 billion shillings have been converted in a period of one year as the funds continue to engage with clients on solutions to the liquidity constraint experienced by CHYS and CPN since the onset of Covid-19, negative publicity, and regulatory attacks.
The conversion has been happening across various real estate projects developed under the Cytonn brands. Commenting on the conversion, Edwin H. Dande, CEO stated that, “this demonstrates the advantage of investing in real tangible assets that can be seen and held even in tough times.”