Private equity firm in Zambia Phatisa, which has been rolling out real estate projects in Kenya and Rwanda, has extended its presence with entry into the Zambian market.
Phatisa, under the umbrella of the Pan African Housing Fund (PAHF), is working with the Lusaka-based Camland Estate Limited to build 310 houses targeting mainly the middle-income earners in the capital city.
The development, named Camland Villas, will be constructed on a 21-hectare prime land located in Makeni, a suburb in Lusaka, and will be made of two- and three-bedroom units.
According to Jan Van der Merwe, Phatisa’s fund partner to PAHF,it is projected that the project will create about 1,200 jobs in the first phase. “We estimate that the investment with a potential to provide over 1,000 homes and additional mixed-use investment opportunities, will provide about 1,200 jobs in the first phase of this development alone,” Jan van der Merwe,
Although the company did not give the exact cost of the deal, it is projected that the investment will range between $5 million and $24 million. In exchange, the PE will firm secure a board position and majority stake in the project.
Phatisa is also building four housing projects in Kenya and another in Rwanda.
In Kenya, the firm in partnership with Africa Reit has two developments in Nairobi – the Westpoint Heights and the 72 Magadi Road.
The firm has also partnered with In-Time Capital limited to develop a 14-storey residential apartment block in Nairobi’s Westlands estate.
In Nakuru, Phatisa is currently developing 140 units of semi-detached townhouses and maisonettes in partinership with Tamarind Properties, and with Kigali Batsinda Estate building the Izuba City in Rwanda which is made up of 300 houses, a mix of studio, one-bedroom apartments and three-bedroom units.
Phatisa also plans to invest in lower and middle income housing in the urban areas of Kenya, Rwanda, Zambia, Uganda and Mozambique.