Real estate developer Acorn Holdings through its subsidiary Spruce Properties Limited Liability Partnership has launched a US $18m student accommodation construction project in Kenya.
The,591 room-hostels will sit on a 5-acre plot in Nairobi’s Karen under the Qwetu and Qejani brands. It will have nine residential blocks, which are expected to be completed by the end of 2022. The development is expected to serve about 10,000 students from JKUAT Karen Campus, Catholic University of East Africa, Cooperative University, Kenya School of Law and other institutions around the area.
According to the company, the hostels aim to provide safe, secure and affordable accommodation to students, with charges expected to range between US $139.28 and US $ 153.2 for a room on the premium Qwetu Brand and between US $69.64 to US $116.1 for the Qejani brand.
Also Read:Acorn Group and Helios to construct US$ 68m hostels in Kenya
Upcoming projects
Other upcoming projects by the developer include the US $7.5m Nairobi West Qwetu hostels targeting Strathmore University, the US $8.1m Qwetu 3 and US $6.9m Qwetu 4 developments targeting United States International University Africa (USIU Africa), all set for completion this year.
Acorn Holdings’ approach to real estate investing has evolved from our heritage as an owner and operator, having invested our own capital to develop and operate the initial portfolio of assets that we acquired. To ensure that our interests are aligned with those of our investors, we put our own capital to work alongside theirs in the investment portfolios that we manage.
As student numbers grow, Kenya is experiencing a chronic shortage of suitable student accommodation and Acorn is seeking to attract private sector investment from Kenya’s local capital markets in order to achieve its ambitious growth strategy.
According to data from Kenya’s Ministry of Education, available student housing in Kenya stood at 300,000 compared to a university enrollment of 520,900 in 2019, excluding technical and vocational education and training colleges.
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