World Bank’s IFC to lend Ksh. 2.7 billion to Stellar Warehousing & Logistics Limited a Kenyan Real Estate company
Washington DC, USA - March 4, 2017: IFC entrance with sign of International Finance Corporation World Bank Group
World Bank’s IFC to lend Ksh. 2.7 billion to Stellar Warehousing & Logistics Limited a Kenyan Real Estate company
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The International Finance Corporation (IFC), the private-sector development arm of the World Bank, has announced its plans to lend Ksh. 2.7 billion ($25 million) to Stellar Warehousing and Logistics Limited. Stellar Warehousing is a real estate development company in Kenya.
The funds will go toward the purchase of an industrial facility with vacant land in Mlolongo area from its current owner Orbit Products Africa Limited (OPAL).
IFC lends Mauritius firm Sh2.7bn for Orbit factory acquisition
Thursday May 06 2021
Summary
The deal, valued at Sh4.3 billion, was to be completed last year but had delayed due to economic uncertainty brought by the Covid-19 pandemic.
Grit has now approached IFC to provide part of the funds needed to conclude the transaction.
The International Finance Corporation (IFC) is set to lend $25 million (Sh2.7 billion) to Grit Real Estate Income Group to fund its purchase of manufacturing facilities from consumer goods manufacturer Orbit Products Africa.
The Mauritius-based property firm announced in October 2019 that it had signed an agreement with the contract manufacturer for global firms such as Reckitt Benckiser, Colgate-Palmolive and Unilever to buy its 20 acres of land in Mlolongo, Machakos which houses its factory.
Mauritius firm to build more warehouses in Mlolongo hub
Monday December 21 2020
Mlolongo and Syokimau are attracting new investment in storage and logistics following the completion of the standard gauge railway line to Nairobi and the inland container depot. FILE PHOTO | NMG
By CHARLES MWANIKI
Summary
The firm said in its annual report that the plan is to expand its logistics presence in the country.
Mlolongo and Syokimau are attracting new investment in storage and logistics following the completion of the standard gauge railway line to Nairobi and the inland container depot.
Mauritius-based Grit Real Estate Income Group is planning to set up an additional 10,142 square metres of warehousing space in Mlolongo, targeting the growing industrial and transport hub in the area.