Shapoorji Pallonji Real Estate (SPRE), the property arm of one of India’s largest conglomerates, this week launched "Mi Vida Homes", a $117m housing joint venture with growth-markets investor Actis that will target the middle income housing market in Kenya.
The pair have already delivered thousands of such homes in India.
In Kenya their first project will a 624-unit scheme at Actis’ Garden City mixed use development in Nairobi, consisting of one-, two- and three bedroom apartments.
Construction of the first phase comprising 208 units will start in the third quarter of this year.
"Over the last 15 years we have established that there is a notable lack of institutional quality homebuilders with the expertise, capital and consumer trust to truly address the opportunity at scale," said Actis director Koome Gikunda. "We are therefore confident that this venture is designed to bridge this gap and offer a great investment opportunity for local home buyers within the middle income market."
SPRE chief executive, Venkatesh Gopalkrishnan, said: "There is a huge demand for middle-income homes and as partners we are committed to bridging the gap in this market and to exceed customers’ expectations."
Chris Coulson, managing director of Garden City, has been appointed chief executive of Mi Vida Homes.
"This is a great time to launch and bring the much needed buyer confidence into the local residential market," Coulson said at the 3 July launch in Nairobi.
Designed to promote healthy lifestyles, Mi Vida, which means "my life" in Spanish, will have health and sports facilities.
Actis is the largest real estate private equity investor-developer in sub-Saharan Africa.
Image: The Mi Vida launch, 3 July 2019 in Nairobi. From left, Actis director Koome Gikunda, SPRE CEO Venkatesh Gopalkrishnan, Mi Vida CEO Chris Coulson, and David Morley Head of Real Estate Actis (SPRE)