Spotlight On Kenya’s Trailblazing Real Estate Developer

1. A brief introduction to Kenneth Mbae.

As the Managing Director for Centum Real Estate (Centum RE), I oversee the company’s operations, investments, as well as ESG, financial and strategic goals in both Kenya and Uganda. I joined Centum in 2010 and am an alumnus of the Harvard GSD Advanced Management Development Program and the University of Cambridge JBS Senior Management Programme.

2. How was this vision born and what is the current holding and future outlook?

Centum RE was established as a subsidiary of the Centum Investment Company and has established itself as East Africa’s largest real estate development and investment firm that focuses on delivering award-winning integrated live-work-play projects located in attractive urban hubs, to address the market’s need for affordable and contemporary housing. Our portfolio includes a solid asset base of over $307 million, a land bank of 8,045 acres and a pipeline of 10,000 residential units. We aim to continue placemaking the next urban nodes, with strong emphasis on integrating sustainable, green and modern features as well as to expand our economic and social impact across the continent.

3. In the year 2023, we saw some huge awards for Centum RE. Please take us through this and tell us about their impact and significance.

Yes, our portfolio received five (5) notable awards,

• Centum RE was recognized as the 2023 EDGE Champion (Africa) by the International Finance Corporation (IFC).
• The Vipingo Development Limited received the Circularity Initiative of the Year Award from the Big 5 Global Impact Awards.
• Centum RE received the 2023 Most Sustainable Real Estate Development Award (Kenya), from the International Business Magazine.
• Centum RE received the Real Estate Developer of the Year (2023), from the International Business Magazine.
• Centum RE received the 2023 Residential Project of the Year (Kenya), from the International Business Magazine.

Notably, a majority of the awards affirmed our commitment and excellence in sustainability as well as greening the real estate sector.

4. If a pan-African reader is interested in investing money in real estate in Centum, how does your company assist them?

We offer comprehensive assistance to foreign investors seeking to make real estate investments through our portfolio projects. This is coordinated in collaboration with our project, sales, and legal teams, who engage the investor to understand their homeownership needs and/or investment appetite, in order to assist them in identifying suitable properties. In addition, we inform foreign investors on applicable laws and guide them to ensure compliance with all legal and statutory obligations. The process facilitates them to complete the transaction, pay taxes as well as obtain title documentation.

5. How do you ensure that all your community housing is resilient in the face of climate change?

Centum RE’s development process is guided by robust Environmental and Social Management System (ESMS) as well as ESG (Environmental, Social, and Governance) frameworks that outline provisions to build resilience against climate change through the adoption of green building standards in portfolio projects.

5. Which are your three biggest projects in Kenya and Uganda in terms of Capitalization and Sales?

Our three biggest projects are:

• 26 Mzizi Court – Mzizi is an affordable housing project that comprises of a total of 1,940 units currently under construction at the Two Rivers Social City in Nairobi, Kenya. The project is valued at $76 million.
• 256 Bella Vista Apartments – Bellavista offers stylish, yet affordable units located within Pearl Marina Estate in Entebbe, Uganda. The project is valued at $21.2 million.
• 1255 Palm Ridge Apartments – Palm Ridge is a uniquely crafted affordable housing project nestled within Vipingo City, Kenya. The project is valued at $8 million.

6. You are encouraging Africans to invest and buy homes from you, which countries/nationalities have shown most interest and why?

A majority of our clients in Africa come from the East African Community, since that is where our operations are based.

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