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Mi Vida Homes appoints Samuel Kariuki as the new CEO as the developer sets sights on the next phase of growth.
- Mi Vida Homes’ next phase of growth will be led by a new CEO.
- Kariuki brings a wealth of experience in corporate finance and investment, real estate and corporate governance
- Mi Vida Homes has completed its inaugural mid-market housing project in Garden City.
Nairobi, July 2, 2022. The Board of Directors of Mi Vida Homes has announced the appointment of Mr. Samuel Kariuki as the Chief Executive Officer of Mi Vida Homes, effective June 1, 2022.
Kariuki joins Mi Vida Homes from Centum Real Estate Limited, where he was the Managing Director.
ACTIS is the largest real estate private equity investor-developer in sub-Saharan Africa and Sharpoorji Pallonji Real Estate (SPRE), a large player in the Indian real estate sector.
Mi Vida Homes board member Koome Gikunda said, “Kariuki brings a wealth of experience in investment and real estate, and we are confident that he is the right person to drive Mi Vida Homes’ growth strategy, including its ambitious affordable housing projects that are in the pipeline.”
Mr. Kariuki’s appointment comes at a time when Mi Vida’s inaugural project of 221 housing units in Garden City has been completed. The official handover to investors and buyers is set to take place this month as the developer eyes other projects.
“Mi Vida is unique in our market given its opportunity to combine the financial and technical strengths of ACTIS and SPRE to build a pan-African home platform.” This strength provides assurance to our customers that they can trust us with their investment to deliver quality products at fair prices and on time. I am excited about this opportunity to take Mi Vida Homes to its next phase of growth, where we will continue to deliver on our brand promise to our customers. “We are at an advanced stage of launching the second phase of our Garden City apartments project and are finalising the acquisition of new sites for affordable housing projects within Nairobi,” said Kariuki.
He holds an MSc in Finance (Economic Policy) degree from the University of London, an MBA in Strategic Planning from Heriot-Watt University, an undergraduate degree in Applied Accounting from Oxford Brookes University, and an engineering degree from Moi University. He also holds a certificate in construction management.
At Mi Vida, we are all about transforming lives through fun and interactive activities, and we believe in a holistic lifestyle where everyone we interact with rolls out with enthusiasm and zeal for life.
We have built spaces that encourage all-round physical and mental wellness at the Garden City apartments, and we continue to expand our belief in a lifestyle that caters to everyone, young and old.
As part of encouraging a holistic lifestyle and in line with our CSR plan for 2022, we sponsored the Kenya Ladies Golf Union Competition at the Windsor Golf Hotel on May 14th, 2022, and it was an event for the books. Ladies from all corners of Nairobi showed up for what turned out to be such an eventful weekend.
As they say, a picture is worth a thousand words, so let these pictures speak for us.
In mid-2019, Actis, a leading investor in growth markets across Africa, Asia, and Latin America, and Shapoorji Pallonji Real Estate, the real estate arm of one of India’s largest construction conglomerates with a group presence in over 70 countries and with projects today across fifteen countries in Africa, created Mi Vida, an institutional homebuilder through a 12-billion-shilling joint venture.
The joint venture was formed with the sole purpose of building middle-income homes across Africa; a move aimed at solving today’s issues around quality, affordability, and delivery within the middle-income housing sector.
The project, which began with Mi Vida Homes in Kenya, was particularly well received in the country where affordable housing remains a challenge. Kenya has a housing demand of 200,000 units every year but the market can only deliver 50,000 units.
With the area of focus being the sub-Saharan region, Mi Vida is a culmination of Actis and SPRE’s international expertise, brought together to provide quality affordable homes.
Investing in a home is an important life choice and that’s why Actis and Shapoorji promote confidence for those investor buyers who recognize the value of a good track record and the commitment to delivering real estate projects on time and to the highest standards.
The two have over 220 years of collective experience behind them, building iconic and award-winning properties globally. From palaces in Oman to high-rise offices, hotels, airports, and railway stations in China, India, and across Africa, Actis and SPRE have invested in and built over 20 million square meters of real estate.
Currently, Actis manages the largest real estate private equity fund focused on sub-Saharan Africa. Some of its real estate projects include Garden City mixed-use project encompassing retail and residential units in Kenya. The project includes the Garden City Mall, Garden City Residentials , and the Garden City Business Park. Other projects developed by the builder in Nairobi include The Junction Mall and the Nairobi Gate industrial park.
Like other Actis projects, Garden City has sustainability at its core and was the first mixed-use development in East Africa to gain LEED’s green certification. It was also awarded Vision 2030 status by the Kenyan Government in recognition of its economic growth impact shortly after breaking ground in July 2013.
Other Actis real estate projects in Africa include Heritage Place, a world-class development situated in Lagos’ commercial and retail area; and Nigeria’s world-class shopping destinations such as The Palms, Ikeja City Mall, Jabi Lake Mall, and Twin Lakes Mall.
These malls follow in the footsteps of other retail and office spaces developed by the builder: Accra Mall, One Airport Square, and The Exchange residential and retail property in Ghana; Capital Properties in Tanzania; l’avenue, the first, large scale, institutional quality offering in Douala, Cameroon; Racegame, Maputo’s first A-grade shopping center in Mozambique; and York Commercial Park in Zambia.
While SPRE has developed 14 residential and 4 commercial projects in India, its joint venture with Actis for the development of Mi Vida marked a continuation of a journey for Shapoorji Pallonji Real Estate in the sub-Saharan African Region.
Currently, there is a huge demand for affordable and middle-income homes in Africa. The current housing backlog in the continent accounts for at least 51 million units, with large variation across countries. Some countries in the sub-Saharan region such as Kenya, Madagascar, Mozambique, and South Africa, have housing backlogs of at least 2 million units. This is part of the reason why Actis and SPRE serve to bridge the gap in the market and bring solutions to ensure the region’s growing population matches its infrastructure.
A look at the population growth in the region is a key trend for real estate development. According to the United Nations, by 2100 there will be four billion people in Africa, one billion of whom will live in Nigeria. In 2015, 42% of Africa was urban. By 2050, this figure will be 62%.
These stats show the urgent need for good-quality and affordable housing. The demand for housing units and office spaces and an extreme lack of supply has made cities such as Nairobi some of the most expensive markets with prime rents remaining awfully expensive.
Luckily, the long-term prospects of real estate investment in Sub-Saharan Africa are appealing thanks to industry giants such as Actis and SPRE. The two have developed more than 1 million square feet of real estate globally. In Kenya, they are bringing world class mixed-use developments that incorporate green spaces. These features allow a symbiotic relationship that allows the best use of spaces while reducing the impact on the environment.
Kenya’s new leading real estate company, Mi Vida held its second open day event in partnership with Absa Bank Kenya on the 3rd and 4th of July 2021. The event happened both physically and online allowing prospective customers globally to learn more about their project at Garden City and receive updates on construction.
Launched in 2019, Mi Vida Garden City Phase 1 is located next to Garden City Mall, off exit 7 Thika Superhighway. The project is centered on sustainability, green space, and family living, offering attractive amenities within the development. Their sales experience center and show apartments are open Monday to Friday from 8.30am to 5pm and on Saturday from 10am to 4pm.
Earlier in the month, Mi Vida signed an MOU with Absa Kenya Bank to introduce a 25-year mortgage facility targeting middle-income families seeking affordable homes within Nairobi. According to both entities, the partnership will enable Kenyans to own 1, 2 or 3-bedroom apartments at Mi Vida Garden City through mortgage financing by the lender at a discounted rate of 12.5 percent per year.
The success of Mi Vida’s open day weekends this year has shown that there is still a strong demand for quality homes, even amidst economic uncertainty. Mi Vida’s projects aim to assist in answering to the shortfall of quality affordable homes within the market, and the lack of trust within the real estate industry. Backed by Actis and Shapoorji Pallonji Real Estate, Mi Vida brings expertise and partners who have over 220 years of combined experience in global real estate.
Last weekend, Mi Vida Homes held its first Open Day Weekend of 2021 to showcase its amazing apartments lined up for prospective buyers.
Mi Vida gave Kenyans an opportunity to learn more about their development at Garden City through private physical tours and a virtual live tour inside their 1, 2 and 3-bedroom apartments.
If you missed a chance to attend the Open Day, you can reach them on 0722 123 000 to book a private tour of their show apartments. They are open Monday to Friday from 8.30am to 5pm and on Saturdays from 10am to 4pm.
Who is Mi Vida?
Mi Vida is an institutional homebuilder formed through an Sh12bn joint venture between Actis, a leading investor in growth markets across Africa, Asia and Latin America and Shapoorji Pallonji Real Estate, the real estate arm of one of India’s largest construction conglomerates with a group presence in over 70 countries and with projects today across 15 countries in Africa.
The joint venture aims to help solve today’s demand for quality and affordable housing in Kenya. Mi Vida targets delivering a minimum of 3,000 units over the next five years that boast innovative design, modern engineering, trusted construction, quality materials and finishes and of course on-time delivery.
Mi Vida at Garden City
Mi Vida’s project at Garden City, is a first of its kind with the development centred on green space and family living. Phase 1 at Garden City offers 1, 2 and 3-bedroom apartments from KES 8.8m. Residents will enjoy access to amenities including:
- One acre of outdoor green space
- Adult and children swimming pools
- Gym and fitness studio
- Kids play area
- Club House with roof terrace
- BBQ areas
- Multi-Purpose Sports Court
- 300m walking/jogging track
For more information, you can call or text Mi Vida Homes on 0722 123 000 to book a private and in-person viewing of their fully furnished homes in the show house.
A man travels the world over in search of what he needs and returns home to find it. Simply put, home is where the heart is. That is why home ownership is one of the most fulfilling achievements one can attain.
However, home ownership in Kenya has been a challenge over the years. The lack of affordable housing in Kenya has been hanging like a noose around our necks since independence and it has been worsened by the slowdown in the country’s economic outlook.
Despite the grim outlook, things are still propitious. Measures like the move by the government to include affordable housing in its Big 4 Agenda is a clear sign that it is not lost on our leaders that housing is at the forefront of a secure socio-economic future for the people.
Currently, the production of housing units in Kenya is well below 50,000 annually. While this might sound ominous, one man’s poison can be another man’s meat. In the old fashion way of seeing the glass half full rather than half empty, this provides an opportunity for the private sector, including real estate developers to help increase the supply of affordable housing while potentially receiving positive tax benefits and risk-adjusted returns.
Actis, a leading growth markets investor, and Shapoorji Pallonji Real Estate (SPRE), the real estate arm of one of India’s largest conglomerates, are seasoned developers who are doing exactly that. Both are dedicated to transforming the residential landscape in sub-Saharan Africa, including Kenya, by tapping into their tried, tested and time-proven experience in global real estate.
Leveraging an ongoing and incredibly successful partnership between Actis and Shapoorji Pallonji Real Estate in India, these two real estate developers have delivered thousands of high-quality, sustainable homes at affordable prices. Actis and SPRE come with a collective experience of 220 years in the real estate industry, building iconic and award-winning properties around the world and making them well-positioned to unlock the significant affordable housing opportunity in Kenya.
Over the years, SPRE has committed to delivering high-quality and well-planned lifestyle spaces around the globe. Currently, it prides itself with more than 1.5 million square meters under development and through Mi Vida is aiming to provide at least 3,000 residential units in Kenya. Recently, in Pune, India, SPRE sold over 600 units, worth around approximately 55 million US dollars in a new housing project as housing demand began to recover amidst the tough economic challenges experienced across the world.
Actis on the other hand, which has its footprints across markets in Africa, Asia, and Latin America, has since 2006 acquired eighteen real estate developments in eight cities and seven countries, valued at 1.3 billion dollars on a gross asset value basis. It has so far sold six of them. It also manages the largest real estate private equity fund focused on sub-Saharan Africa.
Through the Actis-SPRE venture, Mi Vida which translates to meaning “my life” in Spanish, was launched in Kenya in 2019 with the sole purpose of addressing the affordable housing shortage in the country. Through Mi Vida, the two real estate developers are aiming to deliver not less than 3,000 affordable housing units in the next five years.
The first project of Actis and SPRE under Mi Vida is the ongoing Ksh. 6.5 billion residential housing project that encompasses the construction of a total of 628 residential units including one-bedroom, two-bedroom, and three-bedroom units built on a 4.5-acre parcel of land adjacent to Garden City mall, off Thika road at Exit 7. The two real estate developers set aside a Ksh.12 billion kitty in 2019 to bring middle-class investment solutions as part of their 5-year commitment.
The project is part of Mi Vida’s commitment to building affordable homes that are also designed to promote healthy and sustainable lifestyles.
Isaac Newton once said he had seen further by standing on the shoulders of giants. By leveraging on the expertise of the partnership between Actis and SPRE, Mi Vida is well-positioned to inject stability in our nascent, albeit struggling homeownership arena. It brings a solution to the gaping lack of institutional quality home builders with the expertise, capital, and consumer trust to truly address the opportunity at scale.