Kenyatta University popularly known as K.U is on the verge of constructing a ksh 4.8 billion hostel that will see the invention of 6, 000 rooms.
The project is set to be developed by a New York-based private equity firm Africa Integras which confirms that it is now ready to proceed with the project after concluding negotiations with the financiers. The US fund was awarded the deal to lead the public private partnership (PPP) investment in 2014 and signed a contract in mid 2015.
Kenyatta University dean, Mr. Paul Gachanja confirmed the news and said that the erection of the hostels will hopefully commence mid this year.
“We are at the financial close stage for the project and expect to break ground mid this year. We are building it under the build-operate and transfer model where the contractor will manage the property for 20 years and later transfer it to the university,” said Dr Gachanja.
The mega development is projected to sit on a 20 acres piece of land and is expected to house up to 10,000 students and ease some of the housing shortage that the university currently undergoes since many students are seeking accommodation outside the university.
It will comprise of 9,350 undergraduate beds, 500 postgraduate beds and bed sitter units for 150 married students.
Since the US fund is set to undertake the appointment of an architect, a building firm and the hostel operator, they disclosed that it would partner with local firms namely Triad Architects, Broll Kenya Facility Managers and EPCO contractors in the project. International Finance Corporation, the World Bank private lending and advisory arm, was the lead adviser to the university on the project.
Africa Integras is a global investor focusing on developing education infrastructure including classrooms, student hostels, faculty housing and commercial and leisure facilities using the Public private partnership approach.