Centum Plans To List On The NSE, Secures Ksh 17 Billion From GEM

Centum Real Estate has signed an agreement with private alternative asset group, GEM Global Yield LLC, to provide a common share subscription facility of up to 17 billion shillings for a 36-month term as it plans to list at the Nairobi Securities Exchange (NSE).

“The share subscription facility will allow Centum Re to draw down funds by issuing shares of common stock to GEM. Centum Re will control the timing and the maximum size of such drawdowns and has no minimum drawdown obligation.”

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Mr. James Mworia, Centum’s Managing Director indicated that the investment validates the market opportunity pursued by the firm in providing housing in Sub Saharan Africa whose demand is barely met.

“We are quite pleased with this development and look forward to attracting even more investors into Centum Real Estate,” Mworia said.

He added that the provision will enable the firm to achieve its mission of building African enterprises and provide a platform where investors can access them.

Under the agreement, Centum will control the timing and maximum size of the funds with no limited obligation. GEM, the USD3.4 bn firm has previously provided equity investment in various projects, managing a diverse set of investment vehicles focused on emerging markets across the world.

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