Multi-million dollar commercial complex in Rwanda set to open November

Multi-million dollar commercial complex in Rwanda set to open November

A new multi-million commercial complex in Rwanda is set for opening in November this year. The commercial property is being constructed in the capital Kigali.

The construction of the commercial complex in Rwanda christened Kigali Heights commenced in February 2014 and is currently facing the final touches ready for inauguration.

The Managing Director of Kigali Heights, Mr. Denis Karera confirmed the reports and said that all that has remained are the final touches and the development will be good to go.

“The grand opening of Kigali Heights is expected very soon and we actually have the tenants in and by November 1st, we will open all the shops here.” Mr. Karera said.

Mr. Karera further pointed out after the property tour by a delegation of overseas financiers that the facility has already attracted international brands and banking institutions in the country, region and beyond. Some of them include Java House cafe, Mr. Price, Bosini, Simba Supermarket Ecobank among others.

The mega construction is under the Finland-based project developer and fund-managing firm, Taaleri Private Equity Funds Limited.

The Head of Real Estate Funds Africa at Taaleri Private Equity Funds, Antti-Jussi Ahveninen Ltd also confirmed the news and said that the investors are excited about this project since it is their first in Africa.

“Kigali Heights is actually our first project in our Africa ventures and we are very happy and excited about it. We are now going back to the market and raising fund number two and going for a larger size in January 2017,” said Ahveninen.

“With the second fund, we will then continue with our main focus in construction finance and we believe in the Eastern Africa investment opportunity since our experience so far in Rwanda has been very positive. We are here to stay; it is our first project but it will most definitely not be out last,” Ahveninen emphasized.

“The second fund should be four to five times bigger than the first fund we invested. This reflects our strategy here in Rwanda; we are no longer looking at a single project, we are looking at several projects in residential, offices, commercial and retail property as well.

Over 90 per cent of the available retail and 40 per cent of office space in Kigali Heights has already been booked, with high confidence that the remaining 60 per cent shall be taken up once the facility is complete.

The commercial complex in Rwanda also has parking facilities for over 300 vehicles.

Taaleri manages about US$ 6bn investments worldwide and the firm is one of the largest foreign real estate construction financiers in East Africa. According to Ahveninen, the firm’s two major investment target nations in Africa are Kenya and Rwanda.

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