Real estate firm Acorn group and London-based Private equity fund Helios are set to jointly build 3,800 university hostelss across Nairobi. The mega project is estimated to cost about Sh.7.4 billion.

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The pair, through an investment vehicle they own equally, intends to set up the first units near Strathmore University, USIU and Daystar University.

The rapid expansion of both public and private universities has created a huge demand for student accommodation, prompting private developers to step in and fill the gap either independently or in collaboration with tertiary institutions.

Details of the development are contained in disclosures made by the International Finance Corporation (IFC), which intends to lend the two firms $40 million to undertake the initiative.

Courtesy: Nairobi News