People
It is expected that residents will form communities and will be better equipped to take the next step on the housing ladder.
| Company | Acorn Holdings Ltd |
| Sector | Social infrastructure |
| Country | Kenya |
| Total Project Cost | USD 59m |
| PIDG Commitment |
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| Dates of PIDG involvement | 2025 – present |
Kenya has a youthful population, however, a gap exists between current supply and increasing demand for suitable accommodation for young people leaving home to enter further education and employment.
Acorn Holdings Ltd (Acorn) has developed a successful purpose-built student accommodation offering which has been supported by PIDG over a number of years.
Housing challenges also exist for young urbanites who are forced to live outside the city centre and away from key employment hubs, often in multi-family accommodation which does not meet their needs. Individuals can spend up to one and a half hours commuting to work each day.
Acorn approached PIDG to anchor its newest product, the Acorn Build-To-Rent Development Real Estate Investment Trust (ABTR D-REIT) for purpose-built housing units aimed at Nairobi’s young urbanites.
The two-strand offering will develop high-quality housing targeted at different market segments – PALMA A for those on higher incomes who find themselves in a mortgage gap, and PALMA B for those who prefer more affordable, shared accommodation. Conveniently located close to Nairobi’s key employment hubs, the new housing will be safe, secure, and affordable.
It is expected that residents will form communities and will be better equipped to take the next step on the housing ladder.
By launching the Acorn Built to Rent (ABTR) Development REIT to finance its new housing units, Acorn will further deepen Kenya’s REIT market, demonstrating the value of the instrument in Kenya and across the wider region.
It is anticipated that the new REIT will unlock further domestic institutional finance for the affordable housing sector, enabling the company to build more homes for young urbanites. Residents will access local shops, restaurants, and entertainment venues, growing the urban economy.
Committed to the development of sustainable and resilient cities, all Acorn accommodation is built to IFC EDGE sustainability standards.
Acorn’s new rental housing will be designed to meet the needs of male and female professionals, couples, and those who are disabled.
Learn more about PIDG’s engagement with Acorn around its student accommodation offering: Addressing Kenya’s chronic shortage of student accommodation – PIDG
