Sumary of Kenya: Final Tranche of Acorn Green Bond Oversubscribed:
- Nairobi — Acorn Holdings Limited has closed the final tranche of its Medium-Term Green Note Programme under which the first Green Bond was launched.
- The green bond was launched in October 2019 for Sh5 billion, becoming the first of its kind in Kenya.
- In May 2021, Acorn sought and was granted approval by the Capital Markets Authority to upsize the MTN programme from Sh5 billion to Sh5.7 billion.
- The final tranche was therefore aimed at raising the Sh0.738 billion remaining from the initial programme and the additional Sh0.7 billion from the upsized programme.
- The additional financing will go towards the development of an additional 2 PBSA properties providing 2,654 beds bringing the total numbers of developments funded under the MTN programme to 8 projects providing 7,349 beds.
- In February 2021, Acorn launched the Acorn Student Accommodation Development REIT (ASA D-REIT) and Income REIT (ASA I-REIT) with support from InfraCo Africa (a sister PIDG company) who acted as Anchor Investor and committed over KES 1 billion.
- Sign up for free AllAfrica Newsletters Get the latest in African news delivered straight to your inbox As part of this transaction, the Acorn Green Bond was transferred to the ASA D-REIT.
- All Acorn student accommodation projects are now being developed and constructed through the ASA D-REIT and then sold to the ASA I- REIT once operational.