SHELTER Afrique's Sh3.5 billion bond has bee oversubscribed by Sh1.5 billion with institutional investors taking up most of the notes, the company has said.
The pan african housing financier will however take up all the money raised as it had a green shoe option of up to Sh1.5 billion.
Shelter Afrique's managing director Alassane Ba said the success of the bond showed increasing investor appetite and confidence in the company which aims to build more affordable mid income housing across Africa.
"The issuance of the bond reflects our desire to focus on long-term funding solutions for the provision of affordable and adequate housing in Kenya," Ba said.
The Sh3.5 billion bond was the first tranche of a Sh8 billion medium term note issue by Shelter Afrique.
Ten residential development projects with an estimated cost of Sh9 billion had already been identified for financing from the proceeds of the bond notes issued.