Acorn Holdings Africa, a leading property developer headquartered in Nairobi and founded by Kenyan real estate magnate Edward Kirathe, is set to bolster its asset portfolio and operational capacity with a fresh injection of Ksh2.8 billion ($21.7 million) in new capital.
This capital raise, a mix of open market offers and rights issues initiated in late April, targets Ksh1.9 billion ($14.7 million) for the Acorn Student Accommodation I-Reit and Ksh810 million ($6.27 million) for the D-Reit.
The capital injection will be allocated towards its development and investment real estate investment trusts (Reits) by February 2025. The funds will primarily support the construction and acquisition of new properties, positioning Acorn Holdings as the dominant institutional investor in rental housing across East Africa.
Acorn boosts student housing in KenyaAcorn's latest strategic move builds on its expansion initiatives, focusing on Nairobi's central areas and Juja in Kiambu County . Notable projects include a new Qwetu hostel for Jomo Kenyatta University of Agriculture and Technology students and a 1,116-bed Qejani hostel in Juja.
