Gateway Real Estate Africa and Verdant Ventures are working on a joint venture project that will see the establishment of a medium-density housing complex in Nairobi.
The joint venture today announced that it has already secured the U.S Embassy as a major tenant for the Nairobi development. Nairobi urban fabric will soon feature a new landmark with the development of a world-class medium density housing complex for the U.S. Department of State.
The complex marks the first joint venture development in Kenya by the two developers, following a successful collaboration on a similar project in Ethiopia. Gateway Africa is a Mauritius-based private real estate development company specializing in the turnkey construction of accommodation for multinational corporations and retailers wishing to expand their operations on the African continent while Verdant Ventures is a US-based real estate development company focused on diplomatic housing in Africa.
The joint venture incorporates the landowner, Nebange Limited, who will be a profit participant in the partnership.
“We are particularly proud to have the US Government as a major tenant. This project further cements the relationship between Gateway Africa and Verdant Ventures following our successful collaboration in the past,” said a joint statement released by Greg Pearson and Russ Murphy, both CEOs of Gateway Africa and Verdant Ventures respectively. The statement said that Kenya represents an important base for the firms to build into East Africa, affirming the excitement of the two firms about the real estate prospects in Nairobi.
Aevitas Group, in collaboration with a local Kenyan architecture firm, Design Partnership Ltd, has been tasked to design the project while construction is set to commence in October 2020 and will create an estimated 1,100 direct and 500 indirect job opportunities.
“We will be making use of both local and international architects, mechanical and electrical consultants as well as civil and structural engineers. Services such as quantity surveying, project management, construction and other subcontracting services will be sourced locally, as we have had success previously with local companies such as Mace YMR. Materials will be sourced locally as far as possible, with only specialist items being imported,” Pearson concluded.
The project is set for completion in April 2022.
Publication: The Africa Report (Published Article)