The US embassy estate worth Sh. 5.5 billion that is being constructed in Nairobi’s Rosslyn estate is set to be completed within the next two months.
The estate comprises of 90 units which are being developed by Gateway Real Estate Africa Ltd (GREA) and US-based Verdant Ventures. These developers will be earning an annual rental yield of up to 9.7 percent in dollar terms from leasing the houses to the US Embassy in Nairobi for a period of 8 years. The houses will consist of a combination of apartments, townhouses and a clubhouse with a gym, swimming pool and other amenities.
The update on the readiness of the US embassy estate was made by Mauritius-based Grit Real Estate Income Group,. “The construction of a 90-unit diplomatic apartment and townhouse community in Kenya fully tenanted by OBO, a division of the US State Department, is making good progress and is expected to be delivered by May 2022,” said Grit.
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GREA is also undertaking a similar project for the US government in Mali’s capital Bamako, where it is putting up 45 housing units. “GREA, through the APDM team, has been very successful at securing an accretive pipeline of development opportunities, most notably providing the United States Bureau of Overseas Buildings Operations (OBO) with embassy housing across Africa and developing data centres for leading IT services and solutions providers in select African countries,” said Grit.