Fund managers looking to branch out into Kenya property

15/02/2011 -
Fund managers looking to branch out into Kenya property
Demand for Kenyan property is on the rise as fund management firms look to diversify their assets in the country, it has been reported.

While up until relatively recently fund managers may have focused their investments on a range of other infrastructure projects, including those in the energy sector, according to Business Daily Africa, many are now revising their plans and looking to tap into the potential of Kenyan real estate.

As an example, the publication cited the case of Centrum Investments, which recently announced plans to invest a significant proportion of its pensions funds into property in Kenya as it works to diversify its assets there.

"This move will boost our investment income as returns from bank deposits and government bonds have remained low in this low interest rate regime," Nelson Kuria, the firm's chief executive was quoted as saying.

Earlier in the month, the same publication reported that property development opportunities in Kenya are no longer confined to Nairobi, with rising demand for affordable housing leading to an upturn in construction projects in several other major cities.

Posted by Bob Brunskill
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