EX-Centum Executive Takes CEO Position at Mi Vida Homes
Former Centum Real Estate Managing Director Samuel Kariuki has been appointed Managing Director of property developer Mi Vida Homes.
Mr. Kariuki’s appointment took effect on June 1, following the announcement of his departure from Centum on March 18.
“I am excited about this opportunity to transition Mi Vida Homes into its next phase of growth where we will continue to deliver on our brand promise to our customers,” Kariuki said in a statement.
He was part of a group of executives who ran the Nairobi Stock Exchange-listed Centum Investment Company for years as it diversified into various sectors, including real estate, manufacturing and financial services.
His most recent role with the investment company was leading its real estate arm which has projects in Nairobi, Vipingo and Entebbe.
Mi Vida relies on her experience in the industry to deliver her projects currently focused on affordable housing.
“Kariuki brings a wealth of investment and real estate experience and we are confident he is the right person to drive Mi Vida Homes’ growth strategy, including its ambitious affordable housing projects that are in the works,” said Koome Gikunda, director of Maisons Mi Vida.
Prior to his appointment at Centum Real Estate, Mr. Kariuki worked as the parent company’s Chief Financial Officer.
Residential developer Mi Vida is a joint venture between Actis, a real estate private equity investor-developer in sub-Saharan Africa, and Sharpoorji Pallonji Real Estate (SPRE), a player in the Indian real estate sector.
The real estate sector is attracting more and more institutional investors who are implementing large-scale projects in major cities. These projects are concentrated on the outskirts of central business districts where land is relatively cheaper.
Most of the units developed are one to three bedroom apartments targeting the middle class which have been priced out of centrally located properties.
Besides Mi Vida, other major players in the affordable housing market include Erdemann Property, which sells apartments in Athi River for less than 4 million shillings.