Cytonn has continued to grow in the middle of political distraction and minimum credit access to borrowers.
The three-year-old firm currently boasts of about Sh. 82 Billion asset base as reported this week by the chief executive.
”We have capital of about Sh14 billion in land and cash with 10 projects in the investable real estate,” chief investment officer Elizabeth Nkukuu said.
The company yesterday launched Cytonn Towers, a Sh20 billion mixed-use development. Cytonn’s two biggest contributors are Finnish private equity fund and financial services group Taaleri Plc. The two institutions have fully financed Cytonn Towers and Amara Ridge.
Cytonn executives revealed to The Star that ”the company draws funds from four main sources including foreign and local institutional investors with a 40 percent contribution, high net worth investors at 40 percent while the diaspora and cooperatives (small scale) investors cater for 15 and five percent of the firm’s funds.”
An average of 70% of the funds that Cytonn gets goes to real estate investments. The company invests the rest in other ways like in local Banks such as KCB and NIC. The company also took 25% share in Superior Homes.
Cytonn invested Sh. 800 million in KCB when the stock was trading in the mid-twenties in February, boasting of about 80 percent return today as the stock trades at around Sh.42.
Construction of the company’s newest 150 meters high, 35-floor Cytonn Towers is expected to start in the fourth quarter of 2018 and it will be built in phases. It is expected to be complete by December 2022.
In a span of just three years, the company has continued to beat odds, with its portfolio filling with high-end projects such as Amara Ridge, The Alma, Taraji Heights, Situ Village, The Ridge, River Run Estates and Newtown.
The company was founded by four ex-Britam executives, headed by one diaspora returnee Mr.Edwin Dande.
The CEO told Forbes in July that he started Cytonn to create an independent platform focusing on their clients.
