TWO RIVERS DEVELOPMENT ATTRACTS USD 155 MILLION (OVER KES 14 BILLION) IN INVESTMENT

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Two rivers development, which is a project of the Centum Company, has attracted USD 155 Million funding or over Kes.14 billion in debt and equity from The Co-operative Bank of Kenya Limited and AVIC International, Industrial & Commercial Development Corporation (“ICDC”).

A sum of USD 70 Million (over Kes. 6.3 Billion) in equity has been invested in the project by the AVIC international  Company. This is in addition to the USD 5 Million (over Kes. 450 Million) in equity invested by the Industrial and Commercial Development Corporation of Kenya. Also, the Co-operative Bank of Kenya has secured a local debt funding of USD 80 Million (over Kes. 7.2 Billion).

Being one of the largest foreign direct investments in this region by a Chinese corporation into a private enterprise, AVIC International is particularly noteworthy.

The Two Rivers development will be a mixed development consisting of offices, shops, retail, apartments and hotels. The flagship project of Two Rivers which will be the Two Rivers Lifestyle Mall, is at 670,000 SQFT of lettable space and will be one of the largest retail malls in Sub-Saharan Africa. With the mall set to open this October and 60% let, other developments such as 3 star hotel; City Lodge Hotel and over 100 luxury apartments will be complete by 2016.

Athena Properties Limited, a real estate company owned by Centum Company is responsible for managing the  Two Rivers Development.

At a partnership signing ceremony held at Two Rivers, Centum CEO James Mworia said “The investments by AVIC and ICDC into Two Rivers is in line with Centum’s objective to create investment grade  assets and provide a channel through which investors access and build extraordinary enterprises in Africa. The USD 155 Million (over Kes.14 billion) investment into a project promoted by Centum is testament to our unique ability to create these investment grade assets. We are very pleased and able to create projects of scale which attract both local and international investors and will continue to do so.”

About Centum

Centum is East Africa’s leading investment company that is listed on the Nairobi and Uganda securities exchanges. It has over US$ 388M in investment in financial services, FMCG, power, agribusiness and real estate and plans to expand into three other sectors including, healthcare, education and ICT by 2019. With a vision to be Africa’s foremost investment channel, Centum’s key objective is to consistently generate market beating returns by building extraordinary enterprises throughout Africa.

About AVIC International

AVIC International Holding Corporation (AVIC INTERNATIONAL) was born from its predecessor, China National Aero-Technology Import & Export Corporation (CATIC), which was established in January 1979, at the beginning of China’s reform and opening-up drive.  In 2008, CATIC was restructured and renamed AVIC INTERNATIONAL and is today controlled by Aviation Industry Corporation of China (AVIC) and its shares are also jointly held by The China National Social Security Fund, Plateau Capital and China Aviation Industrial Fund.

AVIC INTERNATIONAL has set up wholly-owned or holding subsidiaries in major cities across China, has established over 130 branches in more than 50 countries and regions and owns eight listed companies. The company has over 80,000 employees serving customers in more than 180 countries and regions. It has total assets of more than US$ 35 billion.

Depending on the three major platforms of information technology, finance and financial investment, and overseas financing and services, the company specializes in six major business sectors, including international aviation, trade & logistics, retail & high-end consumer goods, real estate & hotel management, electronic high technology and development of resources.

About ICDC

Established in 1954, ICDC is a Kenya Government owned corporation and has 60 years of experience and stability in promoting projects that create wealth and jobs for Kenyans in diverse sectors of the economy. ICDC enjoys a heritage of expertise and stability as it promotes businesses with the potential to become tomorrow’s blue chip companies. ICDC is focused on projects in the Manufacturing, Agro-processing,

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