Renaissance Capital, a Russian investment bank, will on Tuesday launch Kenya’s biggest real estate project – a US$ 2.5 billion real estate project in Kiambu County.
Dubbed Tatu City, the mega project involves the use of private capital to construct a city of 62,000 residents who will dwell in a well planned environment of homes, office blocks, shopping malls and industrial parks.
The project will sit on a 2,500 hectares piece of land, behind Kenyatta University, that is currently occupied by coffee plantations.
Tatu City is in its conception and magnitude only comparable to South Africa’s Sandton City, the exclusive up-market estate that was built on the suburbs of Johannesburg by the apartheid government.
The mega project is 50 per cent owned by Renaissance Capital while the remaining shares will be held by a number of foreign investors and local partners led by former CBK governor Nahashon Nyaga.
According to property analysts, the project will more than double the value of land in parts of Kiambu County that are close to the project site as other private developers rush in to ride on the state of the art infrastructure that is expected to come with it.
Tatu City has already been show-cased to foreign investors at the prestigious annual property conference in Cannes, France — a signal that Renaissance Capital is keen to tap investors who have identified Africa as next frontier of investment as growth stalls in the US and Europe.