Brian Gacari has lived the good life, but has also had it yanked away from him.
He grew up in affluence, attending top schools and living in an upmarket neighbourhood in Nairobi. But then life took a turn. His parents retired and had put all their life savings in a bank that collapsed, plunging his family into penury. The good life he had become accustomed to was no more.
“I grew up in a comfortable middle class family in Nairobi’s Lang’ata estate, but things changed when my parents retired when I was 16. They struggled to look for work to support us as they had lost most of their investments, particularly property,” recounts Brian.
Brian studied business administration and marketing at Strathmore University and although it was his father’s idea (he wanted to study law), he says it gave him a strong foundation. Before venturing into real estate, Brian had worked as an intern at the US Embassy, Commercial Bank of Africa (CBA), and as a sales and marketing coordinator at Subaru Kenya, introducing the paybill number mode of payment at the company in 2009, way before it became fashionable. His itch for adventure kept him moving and in mid 2009, he accepted an internship position with Health Life Beverages Company in Accra, Ghana.
Despite enjoying success with the company in his one and a half year stay, he accepted a job offer at Telecom Italia in Venice, Italy, in their research and development department. In order to get his documents processed in readiness to move to Italy, Brian came back home and simply never left.
“When I came back home, the properties market was heating up. A friend had just inherited 10 acres of land in Syokimau but did not have money to develop it. We partnered to make a development on the property a reality. A few discussions later and PRC was born,” he says.
In 2010, at the age of 25, he founded Property Reality Company (PRC). Gacari would not reveal how much is company is worth today, but admits it holds assets in the millions of shillings.
Brian says he believes his childhood experience was the foundation of Property Reality Company (PRC), as he grew up with the dream of making property and home ownership for families affordable.
Mr Gacari, now 31, swore not to make the mistakes his parents had made. He was determined to put his money in land and real estate, which, he says, hold money more reliably.
A while back, he unveiled his six-member board, which includes investment analyst Aly-Khan Satchu, who will be the director in charge of media, investor relations and financials. He also appointed media personality Caroline Mutoko, who will be the director in charge of sales and marketing.
PRC has built a reputation for itself purchasing and re-selling land, handling about 4,000 title deeds in counties like Lamu, Machakos, Laikipia and Nakuru.
“We have most recently purchased 150 acres of land in Syokimau, where we intend to put up 400 apartments. Each of them will have three bedrooms and a spacious living room. The houses will retail at Sh3.9 million each when completed,” said Gacari.
He added that the housing units will also include social amenities like playgrounds and a gym. The ground-breaking ceremony is to set to be held in a few months’ time.
Greenhouse farming
But, Gacari said, the biggest leap of faith the company has so far taken is getting into agriculture.
PRC is looking to help its clients buy farm land, which the company manages on their behalf under a concept dubbed Kilimo Biashara.
“Our first project was in Naivasha where, after purchasing 20 acres of land, we started greenhouse farming for fruits and vegetables. We floated the idea to potential buyers, who simply buy the land and the greenhouse, and we manage it for them,” he said.
“They don’t pay us a management fee for a period of one year and by then they are able to reap returns from the farm.” The uptake, he said, has been more than encouraging so far. Gacari added that his firm, which has three offices in Kenya, is also in plans to expand into the region, starting with an office in Uganda.
