The first phase of the mall is expected to cost Sh700 million.
"It was a matter of opportunity. We have a pot of
HF has lately received Sh1.6 billion (
The Delamere Family owns a 25 per cent stake in the mall, with British investors
The loan to
READ: Delamere group to build Naivasha town's biggest mall
Investors are seeking dollar-denominated loans to hedge from foreign exchange exposure.
"HF's ability to sustain the high growth in the medium term will come from securing stable and optimum priced funds," said
In November, the lender received regulatory approval to issue a Sh20 billion bond. The management said it would issue the first tranche after the government sold its sovereign bond, a move expected to push down market rates.
HF also intends to issue a development REITs by end of year and is currently pulling together investors. A development REIT requires a minimum of seven investors. The lender is eyeing a REIT (capital raising option) to develop seven acres of its 40-acre piece of land in Komarock this year.
Commercial property has been performing well in the country, feeding on the appetite of the burgeoning middle class who prefer malls. Recent major constructions include
HF's mortgage sales recovered last year up 48.6 per cent to Sh10.7 billion after a dip in 2012 caused by rise in interest rates.
The lenders loan book grew to Sh35.2 billion up from Sh30.3 billion resulting to a 33.9 per cent increase in profits after tax to Sh995.2 million.
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