For Immediate Release
Nairobi, Kenya Monday 27th March 2023 Cytonn Investments hosted members of the Parliamentary Committee on Public Petitions to view a portfolio of the real estate projects. The purpose of the visit was to ascertain the investments backing the real estate funds, CHYS and CPN, following complaints by a section of investors in the two funds.
Cytonn assured the committee of their deep commitment to ensure projects are monetized as quickly as possible to return value to CHYS / CPN investors.
Additionally, Cytonn requested the committee to assist in improving the regulatory environment to accelerate funding for the President Housing Agenda in terms of making it easier for fund managers to form REITS, (Real Estate Investment Trusts) and for investors to invest in REITs.
Speaking at the end of the projects tour, Mr. Nimrod Mbai, the Chair of the Committee, said, “We visited 9 prime properties owned by Cytonn High Yield and confirmed that the properties are intact. We want to assure the petitioners and investors that Cytonn cannot run away, Cytonn cannot fail to pay them. The properties are intact, the ownership documents are intact and we are looking at supervising the process as a committee all through to give justice to both the petitioner (investors) and the company.” He further noted that it has to be a win for all parties since investors need to be refunded, Cytonn employs many Kenyans and supports the President’s Housing agenda, hence needs to grow.
Solomon Kimani, the Real Estate Projects Coordinator, said, “we are committed to completing these projects in the interest of all our stakeholders such as unit buyers, the investors and the financing partners such as banks.”
Notes to the Editor:
Cytonn Investments is an independent investment management firm with offices in Nairobi - Kenya, and D.C. Metro - U.S. We are primarily focused on offering alternative investment solutions to individual high net-worth investors, global and institutional investors and Kenyans in the diaspora interested in the high-growth East-African region
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