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CITIC Construction Co. Ltd, a wholly-owned subsidiary of the CITIC Group, China’s biggest conglomerate, and IFC, a member of the World Bank Group, appointed Conyers Dill & Pearman as transaction counsel on the structuring of their US$300 million investment platform.
The platform will develop affordable housing in sub-saharan Africa by partnering with local housing developers and providing long-term capital to develop 30,000 homes over the next five years. The size of each project will be in the range of 2,000 to 8,000 units and will be in accordance with IFC’s green building standards, delivering homes that are environmentally friendly and sustainable.
CITIC Construction has a proven track record in constructing and delivering large scale housing projects. The platform will start by developing homes in Kenya, Rwanda and Nigeria, expanding to other countries within sub-saharan Africa.
Sameer K. Tegally from Conyers’ Mauritius office advised on the matter.