For Immediate Release Kigali, Monday, 14th October 2024
Fusion Capital Limited has completed the sale of its award-winning Kigali Heights development in Rwanda for USD 31.8 million to Yussa Company Limited, a prominent local freight and real estate firm. The Grade A commercial and retail development, located near the Kigali Convention Centre, was a flagship project spearheaded by Fusion, with construction finalized in December 2016. The building was officially opened on 5th December 2016 by His Excellency Paul Kagame, President of Rwanda.
Fusion Group CEO, Daniel Kamau, expressed satisfaction with the deal, praising Yussa Group for their strong reputation in Rwanda. He highlighted the project’s long-term commercial success, with occupancy consistently above 95%, making it a key asset in the Rwandan market. Despite exiting this venture, Kamau reaffirmed Fusion’s ongoing commitment to exploring further investment opportunities in Rwanda
The sale was facilitated by legal experts IKM in Nairobi and Equity Juris Chambers in Kigali, with marketing support from l&M Burbidge and the leasing led by Charles Haba and the Century Real Estate Group. Fusion Group Chairman, Dr. Phil Goodwin, also noted the significance of Kigali Heights transitioning to 100% local ownership under Mr. Yusuf Kalinganire, Yussa’s Chairman, signaling a positive future for the property.
“This deal represents a strong outcome for Fusion in a competitive market, reflecting the enduring value of the development and Rwanda’s supportive business environment,” said Daniel Kamau, CEO of Fusion Group.
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About Fusion Capital:
Fusion Capital is a private equity firm that has heavily invested in various real estate projects across East Africa, including Kigali Heights in Rwanda, Goldmark Apartments in Uganda, Fourth Avenue Towers, Flamingo Towers, Meru Greenwood Mall in Meru, Montey Apartments in Nakuru among many other projects. Fusion has built a track record in purchasing vacant land, subdividing into smaller plots and putting in infrastructure, then selling to local and diaspora Kenyan investors through its own new entity, Fusion Estates, as well as other partnerships. The Group has now undertaken 10 Subdivide and sell Land investments, totaling to 352 acres.
FOR MORE INFORMATION CONTACT: Elizabeth Sidi on marketing@fusiongroupafrica.com or visit us at 4th Avenue Towers, 20th Floor, 4th Ngong Avenue, Nairobi, Kenya.
