Fusion Capital has extended the sale of its Sh2.3 billion development real estate investment trust (D-Reit) that was to close last Friday to July 26.
Subsequently, this has indicated that the D-Reit’s up take has so far fallen below the target. The D-Reit is targeting high networth investors and fund managers, who require a minimum of Sh5 million. A total of 100 million units are on sale at Sh23 each.
“The D-Reit opened at the time when Family Bank was selling its Sh4 billion rights issue, and KenGen had just closed its Sh28 billion rights issue, thus there was competition for funds.
The sale opened on June 23 and was to run until July 15, with the developer aiming to raise funds to finance the development of Greenwood City, a mixed use real estate project in Meru County. The listing date has also been pushed from July 28 to August 10.
