In mid-2019, Actis, a leading investor in growth markets across Africa, Asia, and Latin America, and Shapoorji Pallonji Real Estate, the real estate arm of one of India’s largest construction conglomerates, with a group presence in over 70 countries and with projects today across fifteen countries in Africa, created Mi Vida, an institutional homebuilder through a 12-billion-shilling joint venture.

The joint venture was formed with the sole purpose of building middle-income homes across Africa; a move aimed at solving today’s issues around quality, affordability, and delivery within the middle-income housing sector.

The project, which began with Mi Vida Homes in Kenya, was particularly well received in the country where affordable housing remains a challenge. Kenya has a housing demand of 200,000 units every year but the market can only deliver 50,000 units.

With the area of focus being the Sub-Saharan region, Mi Vida is a culmination of Actis and SPRE’s international expertise, brought together to provide quality affordable homes.

Investing in a home is an important life choice and that’s why Actis and Shapoorji promote confidence for those investor buyers who recognize the value of a good track record and the commitment to delivering real estate projects on time and to the highest standards.

The two have over 220 years of collective experience behind them, building iconic and award-winning properties globally. From palaces in Oman to high-rise offices, hotels, airports, and railway stations in China, India, and across Africa, Actis and SPRE have invested in and built over 20 million square meters of real estate.

Currently, Actis manages the largest real estate private equity fund focused on sub-Saharan Africa. Some of its real estate projects include Garden City mixed-use project encompassing retail and residential units in Kenya. The project includes the Garden City Mall, Garden City Residentials, and the Garden City Business Park. Other projects developed by the builder in Nairobi include The Junction Mall and the Nairobi Gate industrial park.

Like other Actis projects, Garden City has sustainability at its core and was the first mixed-use development in East Africa to gain LEED’s green certification. It was also awarded Vision 2030 status by the Kenyan Government in recognition of its economic growth impact shortly after breaking ground in July 2013.

Other Actis real estate projects in Africa include Heritage Place, a world-class development situated in Lagos’ commercial and retail area; and Nigeria’s world-class shopping destinations such as The Palms, Ikeja City Mall, Jabi Lake Mall, and Twin Lakes Mall.

These malls follow in the footsteps of other retail and office spaces developed by the builder: Accra Mall, One Airport Square, and The Exchange residential and retail property in Ghana; Capital Properties in Tanzania;  l’avenue, the first, large scale, institutional quality offering in Douala, Cameroon; Racegame, Maputo’s first A-grade shopping center in Mozambique; and York Commercial Park in Zambia.

While SPRE has developed 14 residential and 4 commercial projects in India, its joint venture with Actis for the development of Mi Vida marked a continuation of a journey for Shapoorji Pallonji Real Estate in the sub-Saharan African Region.

Currently, there is a huge demand for affordable and middle-income homes in Africa. The current housing backlog in the continent accounts for at least 51 million units, with large variation across countries. Some countries in the sub-Saharan region such as Kenya, Madagascar, Mozambique, and South Africa, have housing backlogs of at least 2 million units. This is part of the reason why Actis and SPRE serve to bridge the gap in the market and bring solutions to ensure the region’s growing population matches its infrastructure.

A look at the population growth in the region is a key trend for real estate development. According to the United Nations, by 2100 there will be four billion people in Africa, one billion of whom will live in Nigeria. In 2015, 42% of Africa was urban. By 2050, this figure will be 62%.

These stats show the urgent need for good-quality and affordable housing. The demand for housing units and office spaces and an extreme lack of supply has made cities such as Nairobi some of the most expensive markets with prime rents remaining awfully expensive.

Luckily, the long-term prospects of real estate investment in Sub-Saharan Africa are appealing thanks to industry giants such as Actis and SPRE. The two have developed more than 1 million square feet of real estate globally. In Kenya they bringing world class mixed-use developments that incorporate green spaces.  These features allow a symbiotic relationship that allows the best use of spaces while reducing the impact on the environment.

Mi Vida sales representative Alice Wanjiru with Dr.Kimani (client) during the Mi Vida Open Day Weekend

Kenya’s new leading real estate company, Mi Vida, held its second open day event in partnership with Absa Bank Kenya on the 3 rd and 4 th of July 2021. The event happened both physically and online allowing prospective customers globally to learn more about their project at Garden City and receive updates on construction Launched in 2019, Mi Vida Garden City Phase 1 is located next to Garden City Mall, off exit 7 Thika Superhighway. The project is centered on sustainability, green space, and family living, offering attractive amenities within the development. Their Sales experience center and show apartments are open Monday to Friday 8.30am to 5pm and Saturday 10am to 4pm.
Earlier in the month Mi Vida signed an MOU with Absa Kenya Bank to introduce a 25-year mortgage facility targeting middle-income families seeking affordable homes within Nairobi. According to both entities, the partnership will enable Kenyans to own 1-, 2- or 3-bedroom apartments at Mi Vida Garden City through mortgage financing by the lender at a discounted rate of 12.5 percent per year.
The success of Mi Vida’s open day weekends this year has shown that there is still a strong demand for quality homes, even amidst economic uncertainty. Mi Vida’s projects aim to assist in answering to the shortfall of quality affordable homes within the market, and the lack of trust within the real estate industry.
Backed by Actis and Shapoorji Pallonji Real Estate, Mi Vida brings expertise and partners who have over 220 years of combined experience in global real estate.

• Absa has partnered with property developer Mi Vida to provide preferential mortgage benefits to prospective and existing customers, with an aim of making it easy for middle income families to buy quality homes.
• 25-year tenor is the longest repayment period in the market
• The units being financed will include 1, 2-and 3 bedroom apartments with prices ranging from Sh8.8 to 15.7 million.

Wednesday, 16 June, 2021… Absa Bank Kenya has introduced a 25-year mortgage facility targeting middle income families seeking affordable homes within Nairobi.

The proposition seeks to increase mortgage uptake by prospective homeowners, offering options towards home ownership such as construction loans and home loans for self-employed individuals (SMEs) with a dedicated a team of experts who will walk customers throughout every step of buying or constructing their dream home.

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Absa customers will also benefit from established partnerships with players in the home ownership value chain such as property developers, furnishing partners and home appliance partners, who will offer homeowners a wide range of benefits among them great discounts.

This was announced as the bank signed a financing partnership with Mi Vida Homes where customers will enjoy a discounted rate of 12.5% p.a with up to 90% financing.

Speaking during the signing of the Absa-Mi Vida partnership, Peter Mutua, Absa Bank Customer Network Director, urged both existing and prospective customers to invest in the lengthened payment period and low interest rates of the Absa – Mi Vida mortgage proposition to own their dream homes.

“As a truly African bank, we understand that home is where the heart is. This is why we have availed the Absa – Mi Vida mortgage facility to employed and self-employed customers, presenting a lifetime chance to own ready-to-move-in homes. As a bank, we believe in developing sustainable financing models for our customers, we are offering up to 90% financing within market rates, over a period of 25 years to service their loans,’’ says Mr. Mutua.

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The proposition is one of the bank’s contributions towards the government’s housing pillar under the Big 4 Agenda and aims to provide quality family homes with sociable amenities and green spaces that enhance quality of living spaces to potential homeowners.

“We have a team of dedicated experts that will walk the journey with customers using our financial and non-financial expertise to provide credible information, services and solutions throughout every step of acquiring their dream home.” adds Mr. Mutua.

Speaking during the signing ceremony, Mr. Antony Kambiriri, Chief Financial Officer Mi Vida, said, “We are delighted to partner with Absa Bank Kenya as it brings us closer to our goal of addressing the shortage of middle-income housing in Kenya. There is a huge demand for affordable and middle-income homes and through this partnership, we will bridge the gap in this market to exceed customers’ expectations.”

Mi Vida’s project at Garden City, is a first of its kind with the development centred on green space and family living. Phase 1 at Garden City offers 1. 2- and 3-Bedroom Apartments. Launched in 2019, under construction and on course to be complete by March of 2022.

Besides the Mi Vida proposition, Absa’s mortgage flexible offers different options towards home ownership such as financing land purchases and disbursing construction loans as well as home loans for self-employed individuals.

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By the year 2050, the global population will likely reach nine (9) billion people. Due to household demand
and population growth, the world needs to build more than two billion new homes over the next 80 years
according to global research.
The distress is beyond the demand for new homes. Nations across the globe are becoming increasingly
concerned about the effects of climate change and people growing environmentally conscious, project
builders have implemented sustainable development practices in their real estate properties to promote
energy efficiency, minimize the impacts of global warming, and protect natural resources.
Due to advances in technology, green homes are gradually growing in popularity, and this is a step in the
right direction. If project builders do not adapt to the challenge of building sustainable homes, the
pressure on natural resources will be detrimental to the environment. Some of the resulting negative
impacts include loss of biodiversity and increased greenhouse gases.
Today, the need for more sustainable homes has also been expedited by contemporary homebuyers’
preferences. People want – and will pay more for – sustainable features such as energy-efficient
appliances, windows, and fittings alongside other features that improve their health and quality of life. It is
also worth noting that as younger generations are expected to enter the home buying market, they are
looking out for built-in eco-friendly and sustainable features.
In Kenya, Actis, the developer of the Garden City Residences, Mall, and Business Park, is committed to
green-building and sustainable projects. Garden City development is the first within Sub-Sahara Africa
rated under the Green Building Council of Australia’s Green Star multi-unit residential V1 tool that
promotes the design and construction of high-performance green residential developments.
For instance, the infrastructure uses robust water harvesting and recycling/reuse systems aimed at
reducing wastage and significantly reduce potable water consumption by up to 28 per cent. It also
incorporates a massive solar carport ideal for reducing greenhouse gas emissions.
The sustainability aspects of the Garden City mixed-use development made it the first project of its kind in
East Africa to achieve a Gold rating in the Leadership in Energy and Environmental Design (LEED) – the
rating system developed by the US. Green Building Council for the design, construction, operation, and
maintenance of green buildings, homes, and neighbourhoods.
At the heart of this green and sustainable development, there is the Mi Vida Homes, a Ksh 12 billion
shilling joint venture by Actis and Shapoorji Pallonji Real Estate. Mi Vida Homes holds significant
importance to the future of green homes in Kenya through the incorporation of more green space in
apartment developments and the development of amenities that meet family’s needs.
Mi Vida homes are certified by the International Finance Corporation “Excellence in Design for Greater
Efficiencies” (IFC EDGE), a green building standard and a certification system for over 140 countries.
EDGE helps to determine the most cost-effective options for designing green within a local climate
context. The project adheres to the IFC EDGE standard of 20 per cent less energy use, 20 per cent less
water use, and 20 per cent less embodied energy in materials when compared to a base case building.
The environmental benefits of green building in our contemporary society cannot be underestimated as it
enhances and protect biodiversity while improving the quality of water and air that we consume. Going
green will in the long run reduce waste streams while conserving and restoring our natural resources.

Author: Ciru Okobi – Commercial Director, Garden City

We need the earth more than it needs us. This is the message that runs down through the veins of BM Foundation who have been leading the way in ensuring that the earth has additional trees as they strive to make it better.

BM Foundation was founded in 2017 as part of BM Security’s commitment to be a responsible corporate citizen.

“BM Security is cognizant of the importance of the community and environment we work in and are thus committed to programs that will impact positively on the same. BM foundation drives all initiatives by BM Security geared towards improving our society,” said (Michelle Morgan, BM Security Executive Director).

Focusing on Health and Wellbeing, Social Impact, and Climate Change, the Foundation believes that the only way to make sure that the earth has more trees is by planting more.

In one of its recent events, the Foundation was hosted by the Kenya Forest Service, Friends of Karura, and attended by over sixty dedicated volunteers from the BM fraternity planted over 500 trees in Karura Forest.

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The participants showed up with their family members marking BM Foundation’s pledge to contributing to a sustainable environment and ecosystem geared toward enhancing livelihoods through environmental and social initiatives.

During the event, the BM Foundation fraternity was guided on the best practice of tree planting by the KFS with Ceremonial trees planted in honor of Bob Morgan planted by Chief Executive Officer Neil Morgan and in honor of Managing Director Cedar Morgan planted by Executive Director Michelle Morgan led by the Station Manager, Paul Musembi.

“The goal of halting deforestation and restoring forests, as set out in the 2030 Agenda for Sustainable Development, is an attainable objective if we continue our efforts. This goes a long way towards achieving KFS’ Presidential and in turn constitutional mandate of 10 percent Tree cover,” said (Peter Kinyua, the Chair of the Kenya Forest Service).

According to the Foundation, there is a need for organizations to help in reducing carbon emissions across the country and the world in general. The Foundation says it is striving to stamp its carbon footprint and through initiatives such as this seeks to leave a legacy of a sustainable future.

“We ask individuals to join the cause contributing to a sustainable environment and ecosystem geared toward enhancing livelihoods through environmental and social initiatives,” added (Nicole Gitau- BM Foundation Manager).

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