LiveGT-2026-007· Listed Apr 18, 2026
Nairobi Affordable Housing — Mixed-Income Estate
3,400-unit mixed-income estate under Kenya's national affordable housing program with off-plan offtake.
Kenya · Africa Real Estate & Construction Project Equity + DFI Debt Closes Dec 20, 2026
Raise Target
$78.0M
Committed
$22.3M
Min Ticket
$250K
Target Return
19% project IRR
Horizon
4–6 yrs
29% subscribed · $55.7M remaining
Executive Summary
Development of a 3,400-unit mixed-income housing estate in Nairobi's eastern growth corridor under the national affordable housing program. Off-plan sales have already absorbed 41% of the first two phases through a salary-deduction mortgage scheme with two domestic banks.
Investment Thesis
- National housing deficit estimated at 2M units with active fiscal incentives.
- Salary-deduction mortgage scheme materially lowers default risk.
- Sponsor land-bank acquired at cost basis from 2019.
Use of Funds
Construction Phase 1 & 272%
Trunk infrastructure & social amenities18%
Sales, marketing & contingency10%
Financial Snapshot
Avg ticket price/unit
USD 28,500
Gross margin
31%
Project IRR
19.4%
Equity multiple
1.9x
Transaction Structure
USD 50M DFI senior debt, USD 28M project equity (Deal Room slice: USD 18M).
Risk & Mitigation
Key Risks
- · Construction cost inflation
- · Mortgage origination pace
- · FX on imported finishes
Mitigants
- Locally-sourced 78% BOM
- Pre-approved mortgage pipeline
- Phased delivery to recycle capital
Timeline & Milestones
- 2024Land assembly + concept approval
- 2025 Q4DFI senior commitment
- 2026 Q2Phase 1 ground-break
- 2026 Q4Equity close
- 2028 Q1Phase 1 handover
Sponsor
Savanna Urban Development Ltd.
Savanna Urban Development is a 14-year-old Kenyan developer with 11,000 delivered units and an investment-grade local rating.
ESG & Impact
- EDGE-certified design — 23% energy + water savings
- 30% of units priced for sub-median income bracket
- Local SME procurement target 60%
Data Room
Project Overview
PDF · 20 pp
Quantity Surveyor Cost Plan
PDF
Pre-sales Pipeline Report
XLSX
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