Garden City

East Africa,Africa Construction and real estate

Nairobi’s Garden City is a $540 million phased project comprising one of the largest mixed-use real estate developments in Africa. With over 400 residential units, and 33,500 square metres of retail space spread across three floors, Garden City Mall officially opened its doors in September 2015.

Investment firm Actis brought together a consortium of local and international experts to deliver the development. The firm is a leading investor in growth markets across Africa, Asia and Latin America.

Actis was formed in 2004 following a restructuring of CDC designed to bring more equity capital into developing countries and the two organisations have a shared history.

  • Active
  • Exited

This investment was made under a previous strategy. We disclose information on all our current investments, but narrative information on our pre-2012 investments, when we introduced a new strategy, may be limited.

Actis Africa Real Estate Fund 2 LP

We are invested in Garden City through Actis Africa Real Estate Fund 2 LP, which is managed by Actis LLP. For further information on the fund, the fund manager, and the expected impact of the fund’s investment, click here.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa, East Africa
Countries:
Kenya
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Construction and real estate
Website:
https://www.act.is/about-actis/our-portfolio/garden-city-retail/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund:
Actis Africa Real Estate Fund 2 LP
Fund Manager:
Actis LLP
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
December 2011
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Mauritius

Our investment

In 2014, CDC and IFC, a member of the World Bank Group, announced an investment of $32 million in Garden City. The investment will comprise $25m from CDC and $7 million from the IFC.

The project created over 500 direct jobs during the construction phase and over 600 more once the project was completed.

Expected impact

The development has provided vital jobs in Nairobi, and has benefited the local economy through the development of its supply chain and infrastructure.

Local businesses have supplied goods and services to the mall and our investment also supported entrepreneurship among local artisans, including a market which has given them access to consumers without the overhead of permanent retail space.

Garden City also contributed to improving skills for workers and local firms involved in the development as it adhered to strong construction quality standards.

Few investors have an appetite for green-field real estate projects in sub-Saharan Africa, so this investment sends out a strong signal of our commitment to Kenya’s economic potential.

Environmental and social aspects

Actis and its partners delivered an energy-efficient building that incorporates sustainability measures including: generating energy from waste heat; utilising roof space for solar collectors to generate residential hot water; and installing rainwater harvesting.

It was the first mixed-use development in East Africa to gain the Leadership in Energy and Environmental Design green certification.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa, East Africa
Countries:
Kenya
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Construction and real estate
Website:
https://www.act.is/about-actis/our-portfolio/garden-city-retail/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Direct Equity
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
December 2013
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$25m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Mauritius

Actis Africa Real Estate Fund 3

We are invested in Garden City through Actis Africa Real Estate Fund 3, which is managed by Actis LLP. For further information on the fund, the fund manager, and the expected impact of the fund’s investment, click here.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa, East Africa
Countries:
Kenya
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Construction and real estate
Website:
https://www.act.is/about-actis/our-portfolio/garden-city-retail/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund:
Actis Africa Real Estate Fund 3
Fund Manager:
Actis LLP
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
July 2015
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Mauritius