South African-based Vantage Capital has announced that it will invest 6.2 billion to support the development of the Two Rivers International Finance and Innovation Centre (TRIFIC SEZ).
Centum Investment Company will use the fund to acquire and renovate an office tower and two new Grade A office blocks.
Vantage Capital managing partner Warren van der Merwe said that funding would see more jobs generated by TRIFFIC.
“We are proud to partner with Centum on this remarkable project, which will generate hundreds of jobs and attract much-needed foreign direct investment to Kenya,” he said.
Further, the South African fund manager said the amount will propel TRIFIC to a services-oriented business park within a special economic zone (SEZ).
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Similarly, companies operating within TRIFIC SEZ will benefit from significant tax incentives, including VAT zero-rating, import and stamp duty exemptions, and a reduced corporate tax rate of 10 percent for the first decade of operation.
Centum owns Two Rivers Mall, offers an integrated ecosystem of residential developments, dining and lifestyle options, retail offerings, entertainment venues, and over 2,000 residential units in Kenya and Uganda.
“We are very pleased with the partnership and investment by Vantage Capital which will catalyze TRIFIC SEZ and enable it to provide world-class facilities to SEZ enterprises. These SEZ enterprises will in turn create thousands of new jobs for Kenya, attract foreign direct investment, and spur significant export revenues to the benefit of our country,” Centum CEO James Mworia added.
