In a landmark real estate deal, Kigali Heights Development Company has sold 100% of its flagship property for US$31.8 million to YUSSA, a major investor now making waves in Kigali’s commercial sector. The building, located next to the Kigali Convention Center, houses major tenants including Java House and several banks, and has been a cornerstone of the city’s business district since 2016.
The announcement was made at a press conference today, led by Dr. Phil Goodwin, Chairman of Fusion Capital Group and Kigali Heights Development Company Limited. He was joined by Daniel Waweru Kamau, CEO of Fusion Capital Group, and James Norman Maclean, Managing Director of Kigali Heights Development Company. Fusion Capital, a leading private equity firm in East Africa, held a controlling stake in Kigali Heights and played a key role in the sale.
The acquisition of Kigali Heights is part of YUSSA’s growing portfolio in Rwanda. In addition to this high-profile buyout, YUSSA has also purchased two other major properties in the city: Makuza Plaza and MTN Center. These acquisitions further cement the company’s presence in Kigali’s commercial real estate market and reflect its commitment to strengthening its investment footprint in Rwanda.
“We are excited about the future of Kigali Heights under new ownership,” said Dr. Goodwin. “This sale is not only a testament to the strength of the Kigali real estate market but also to the potential Rwanda offers for strategic investments.”
Kigali Heights, home to prestigious tenants and located in the heart of the city’s vibrant business hub, has been a symbol of Kigali’s modernization. The building has served as a hub for prominent businesses since its completion in 2016. YUSSA’s acquisition of both Kigali Heights, Makuza Plaza, and MTN Center signals its ambition to dominate the local commercial real estate scene.
Kigali Heights Development Company began its investment in Rwanda in 2011, completing operations in 2022. The company expressed deep appreciation to the Rwanda Development Board (RDB) for its invaluable support throughout the investment process. Despite the challenges associated with large-scale investments, they praised RDB’s role in making their venture in Rwanda a success.
Key Details:
Sale Price: US$31.8 million
Buyer: YUSSA
Other Acquisitions: Makuza Plaza and MTN Center
Major Tenants: Java House, Banks
Location: Near Kigali Convention Center
With these acquisitions, YUSSA is positioned to become a major player in Kigali’s commercial property market, and the sale is expected to significantly impact the city’s real estate and investment landscape.