London-based private equity firm Actis, proprietor of Garden City Mall, is poised for acquisition by the US-based company General Atlantic. This comes months after Actis closed its Nairobi office. General Atlantic, headquartered in New York, officially disclosed the acquisition deal, assuring the retention of the Actis brand.
The undisclosed transaction sets the stage for the creation of a diversified global investment platform with a staggering combined assets under management of approximately USD 96.0 billion (Ksh 15.4 trillion).
Actis, having opted not to renew leases for its Cape Town and Nairobi offices in May 2023, will integrate into General Atlantic’s investment platform as the sustainable infrastructure arm.
Torbjorn Caesar, Actis Chairman and Senior Partner, is set to continue leading the firm independently. He will oversee investments in assets such as Garden City Mall, Mi Vida Homes, Nairobi Fairview Hotel, Town Lodge Upper Hill, and City Lodge in Kenya.
Bill Ford, Chairman and CEO of General Atlantic, underscored the strategic nature of this move, emphasizing the goal of addressing sustainability on a large scale. Ford highlighted Actis’s expertise in sustainable infrastructure investments, particularly in emerging markets.
This acquisition aligns seamlessly with Actis’s dedication to sustainability, exemplified by its USD 104.6 million (Ksh 16.8 billion) investment proposal, a response to the Kenya Pension Funds Investment Consortium’s call in December 2022.
Actis, active in East Africa with investments in real estate and the restaurant business (including ownership of Java House), had previously acquired Nairobi hotels in 2022.
In the face of challenging market conditions, City Lodge Hotel Group sold Fairview Hotel, Town Lodge Upper Hill, City Lodge Hotel at Two Rivers Mall, and City Lodge Hotel Dar es Salaam to Actis.
