|
Getting your Trinity Audio player ready...
|
The Qwetu and Qejani students’ residences are undoubtedly some of Kenya’s most popular privately owned student accommodation facilities.
The facilities offer modern, fully furnished rooms, communal lounges, high-speed internet, and a range of community-building activities, serving students in various parts of the city, including Thika Road, Parklands, Karen, Lang’ata Road, and Ruaraka, among others.
The innovation is a brainchild of businessman Edward Kirathe, the founder of Acorn Holdings Ltd. According to media sources, Kirathe is Acorn’s single-largest individual shareholder with a 30.24 percent stake.
His journey in entrepreneurship started while at the Jomo Kenyatta University of Technology (JKUAT). He revealed that while in school, he took up part-time jobs, including as a debt collector, laying the foundation for who he is today.
“I used to earn peanuts, but it paid my bus fare and entertainment. I learnt a lot collecting debt from people. It was quite interesting,” he recalled during a past interview with How We Made it in Africa.
After graduating, Kirathe ventured into property development and eventually founded Acorn Holdings.
Acorn Holdings was established in 2001 as a real estate developer in East Africa, initially focusing on project management and later expanding to property development.
Couple behind popular Tsavo Apartments who retired at 40
Currently, the firm specializes in purpose-built student accommodation and affordable rental housing. One of Acorn’s pivotal moments was in 2019 when it issued Africa’s first Green Housing Bond.
The following year, the bond became the first of its kind to list on the Nairobi Securities Exchange and later the London Stock Exchange.
In 2021, Acorn broke new ground again with the launch of its Student Accommodation Development REIT (D-REIT) and Income REIT (I-REIT), valued at Sh7.5 billion.
Today, the company has completed over 65 projects and expanded its asset base to Sh18 billion ($142 million). Among its completed projects are Qwetu Hurlingham: 832-bed capacity, Qwetu Aberdares Heights II: 601-bed, Qwetu Karen: 542-bed and Qejani Karen: 808-bed.
According to the Billionaires Africa 2024 report, Kirathe has an estimated net worth of Sh1.5 billion ($12 million) and is among Kenya’s leading business figures.
He attributes his success to people, including his team and the network he has built over the years.
“People are the best opportunity for a business, and the biggest challenge as well. “There are fantastically talented young people in Kenya. It amazes me every time I recruit,” he said.
To anyone intending to become an entrepreneur, Kirathe advised them to follow their passion and be disciplined.
“Not everybody has the mindset to become an entrepreneur. You must have the passion and the will to go on when everyone else advises you to quit. Those who feel they have what it takes have got to be very disciplined and focused,” he advised.
Did you love the story? You can also share YOUR story and get it published on Bizna Click here to get started.