Private equity firm Phatisa to build 310 houses in Lusaka

Private equity (PE) firm Phatisa, which is undertaking real estate projects in Kenya and Rwanda, has extended its footprint with entry into the Zambian market.

Phatisa, through the Pan African Housing Fund (PAHF), has partnered with Lusaka-based Camland Estate Limited to develop 310 houses targeting middle-income earners in the capital.

The development, dubbed Camland Villas, will be built on a 21-hectare prime land in Makeni, a suburb in Lusaka, and will consist of two- and  three-bedroom units.

“We estimate that the investment with a potential to provide over 1,000 homes and additional mixed-use investment opportunities, will provide about 1,200 jobs in the first phase of this development alone,” Jan van der Merwe, Phatisa’s fund partner to PAHF said.

Though the firm did not disclose the cost of the deal, its investment criteria includes deals of between $5 million and $24 million. In exchange, the PE firm secures a board position and a significant majority stake in the project.

Phatisa is also developing four housing projects in Kenya and another in Rwanda.

In Kenya, the firm together with Africa Reit have two developments in Nairobi – Westpoint Heights and 72 Magadi Road.

It has also partnered with In-Time Capital limited to construct a 14-storey residential apartment block in Westlands.

In Nakuru, Phatisa is building 140 units of semi-detached townhouses and maisonettes in a deal with Tamarind Properties, and with Kigali Batsinda Estate putting up Izuba City in Rwanda consisting of 300 houses, a mix of studio, one-bedroom apartments and three-bedroom units. 

Phatisa plans to invest in lower and middle income housing in the urban areas of Kenya, Zambia, Rwanda, Mozambique and Uganda.