Centum raises KSh7.4 billion from South Africa’s Nedbank

Centum, one of East Africa’s leading investment companies, has raised Ksh7.4 billion from South Nedbank CIB’s property finance division to finance ongoing real estate projects.

The financing agreement was signed between Nedbank Corporate and Investment Banking (CIB) and Centum Real Estate.

Nedbank CIB’s property finance division is a major player in South Africa’s real estate sector where it controls 40 percent of the property market

Centum Real Estate is working on developing Two rivers into a mixed use property with offices, residential areas, hotels, a hospital, and a recreational park. The company plans to develop 3000 residential houses across Kenya, Tanzania and Uganda. Contruction of 1200 units already began is the houses are expected to be completed by 2021.

In the financial year that ended in March 2019, Centum’s net profit jump from KSh2.8 billion in 2018, to KSh4.1 billion.

Centum recently agreed to sell its shares in Almasi Beverages Limited and Nairobi Bottlers Limited to Coca-Cola Sabco East Africa Limited, a subsidiary of Coca-Cola Beverages Africa.