User:Zeenat Wangara/sandbox/Acorn

Acorn is a real estate company headquartered in Nairobi Kenya that has for 5 years provided project management services across East Africa. For almost 20 years, Acorn has developed iconic and landmark real estate projects in East Africa. Its business model focused on rental housing. Acorn delivers unparalleled service, asset management, energy efficiency and the reduction of real estate investment risk.

In 2006, Acorn included development management capabilities and begun undertaking their own developments. In 2015, Acorn Holdings Limited (AHL) partnered with Africa focused private equity firm – Helios Investment Partners, to refocus their strategy on developing and managing high quality and affordable rental accommodation, starting with purpose-built student accommodation (PBSA), for university and college students.

History

Acorn Holdings Limited, established in 2001. In April 2002, Beverage Services Kenya Ltd. (at the time a subsidiary of Coca-Cola) appointed Acorn as Project Manager and Lead Consultant for the US$ 10 Million Bottling Plant for the popular ‘Dasani’ water and ‘Bibo’ Juices. This fast-tracked project involved the conversion of an existing concentrate plant into a bottling plant with a PET, Tetra Pak, and Water Bottling line, demolition of existing walls without compromising the integrity of the structure and installation of the new insulated metal roof was key to success. The project was successfully completed in 20 weeks.

In December 2003, Acorn oversaw the development of The Waterfront Gardens comprising 127 maisonettes targeting the middle-class market under the Hewton Limited, then a fully owned subsidiary of Cooper Kenya Limited.

Acorn then took on a project to positively transform neighbourhoods with Mvuli House, a 2-star, 46-room hotel located in Nairobi West in Kenya that caters for the budget traveller. The project commenced in 2004 and was completed in 2008.

In early 2005, UAP Insurance appointed Acorn as Project Advisors for the KSh 600 million office development on Hospital Road, Nairobi in early 2005. Acorn reviewed all project documentation, correspondence and procedures for UAP and the project was completed in 2008 and let out in its entirety to a leading local Financial Institution.

In September 2006, Acorn was awarded the contract to project manage the then New Regional Head Office for Coca-Cola. The unique 50,000 sq. ft. building is a landmark at the heart of the prestigious Upper Hill Commercial District. Project goals were not only achieved but exceeded the agreed expectations, coming below budget and delivering excellent results on quality. It offers an elegant business environment with an extensive parking bay, luxurious relaxation amenities, prestigious office suites and a beautiful view of the surrounding gardens. This project was completed in 2008.

Tiara Properties Limited was a long-term joint venture initiative formed in 2008 between Acorn Properties Limited and Crown Paints and Building Products Limited. The first project “Tiara Villas”, situated on Mugumo Road, Lavington consists of 7 detached townhouses enclosed within a larger gated compound. With the firm belief that “design is only sold once”, the emphasis was placed on ensuring that an above market-average product was delivered that differentiated itself from the norm. The units were all sold out prior to completion.

The joint venture development between Acorn and Forest Edge Gardens Limited comprises of 8 unit, five-bedroom townhouse developments. Set amidst an enchanting landscape with lush gardens and indigenous trees (some dating back over 50 years), this gated community captures the essence of timeless style, elegance and beauty. Construction was successfully completed in March 2009.

In 2008, Deloitte appointed Acorn to manage the development process of their new office headquarters. Completed in 2010, this development is a 50,000 sq. ft. ultra-modern office that embraces state-of-the-art technology and has become a key landmark for westbound traffic exiting Nairobi along Waiyaki Way.

In April 2009, Acorn was awarded the contract to Project manage the APHRC (African Population and Health Research Centre) new offices and Campus block. The ultra-modern building has a conference centre that accommodates 60 people, auditorium with a seating capacity of 120 with breakout rooms, data centre to host library facility, meditation room, bulk storage and archives. The project deadlines were met, and the building was handed over in May 2011

Farmer’s Choice is the region’s largest producer of meat and meat products for both local and international markets. In 2009, Acorn was appointed as the Project Manager for a state-of-the-art Beef Abattoir that was to be developed on a greenfield site adjacent to Farmer’s Choice head office and pork abattoir in Kahawa West, Nairobi. The project involved complex installations including imported abattoir machinery, large refrigeration plants, compressed air systems, hot water and steam plants, waste treatment and biogas plants etc. The project was developed to the Food & Agriculture Organisation of the United Nations (FAO) and the World Health Organisation (WHO) standards. The project was completed in May 2011 under budget and on time.

Magharibi Place is a modern mixed-use development providing affordable and convenient retail and residential accommodation to young people and small businesses. It combines contemporary studio apartments with flexible commercial and retail space giving residents everything they need in one location. The development is located in a middle-income area approximately 5km southwest of Nairobi and comprises three seven-storey interconnected blocks with 171 commercial units and 180 residential studios. Magharibi Place is a unique development which also offers ample and secure parking, high-quality finishes and backup power. Completed in 2012, this development played a significant role in transforming the neighbourhood positively.

Later, Acorn developed Acorn House as a joint venture between Acorn Properties Limited and Renco Holdings Limited which was mandated to develop a commercial office building on James Gichuru Road for partly owner-occupation and open market rental of surplus space. Acorn house occupies approximately 40,000 sq. ft. with ample parking and tastefully landscaped gardens. It was completed in November 2012.

Nakawa Business Park is an iconic Grade A office development that offers modern detailed planning of tailored office accommodation. The project defines anew the existing standards for quality office developments in Uganda and East Africa. It is the first of its kind in Uganda and spreads over approximately 400,000 sq. ft. The project consists of 4 blocks of 8 storeys each, covering approximately 250,000 sq. ft. of prime office space and 135,000 sq. ft. of basement parking. The project was completed in 2013 and has become a key landmark in Kampala.

Muthangari Duplex Apartments is an up-market apartment that is aimed at meeting the lifestyle demands of a discerning clientele. The property is situated on Muthangari Drive, approximately 500m off Waiyaki Way, in one of Nairobi’s most convenient and sought-after suburbs. The development comprises of modern appointed 3-bedroomed duplex apartments set in beautifully manicured landscaped gardens. Acorn played a key role in enabling the developer to achieve an exceptional design by spearheading the appointment of an International Architectural firm who partnered with a local firm. The project was completed in 2013.

The Stables is a modern development offers 65 offices and specialist retail suites with common access and ample parking. It is located in the popular suburb of Karen, fronting onto Karen Road. The project was completed and 2014.

Qaribu Inn is a 3-star hotel offering accommodation in 61 guest rooms. The hotel features a modern conference room which can hold up to 80 pax. and be partitioned into two. Other features include a restaurant and bar named Waterfront Terrace that offers unmatched ambience overlooking a small lake and well-manicured lawns that provide the perfect location for outdoor events and activities. Having opened its doors to the public on July 1st, 2014, Qaribu Inn was designed with travellers in mind, both for leisure and business. The hotel offers all the essentials required by the business traveller and the modern tourist and it is strategically located just a few minutes’ drives from the heart of the city Centre, Westlands and other business hubs.

Mashiara Park is set on 32 acres within Loresho. The site is approximately 11km from Nairobi’s Central Business District. Phase 1 of the Master Plan development comprises bespoke office accommodation with an ultra-modern design. Phase 1 of the project was completed in 2015. 67 Gitanga Place is a Grade A office complex in Lavington off Gitanga Road, approximately 8kms to the West of Nairobi City Center. It has a lettable space of 41, 312 sq. ft. It was completed in December 2017 and sold to StanLib Fahari REIT in May 2018.

The Taira Office Parl is a premier office development located in the suburb of Lavington, Nairobi. It is a 6-storey building with 2 office wings on each floor. Gross area is approximately 17,000 sq. m. with 205 parking bays. The project was a Joint Venture between Crown Paints & Building Products and Acorn. The development was completed in 2016.

•	Mashiara Office Park

This development of up-market luxurious apartments was aimed at meeting the lifestyle demands of a discerning clientele. The property is situated on Muthangari Drive, approximately 500m off Waiyaki Way, in one of Nairobi’s most convenient and sought-after suburbs. The development comprises of modern and tastefully appointed 3-bedroomed duplex apartments set in beautifully manicured landscaped gardens. Acorn played a key role in enabling the developer to achieve an exceptional design by spearheading the appointment of an International Architectural firm who partnered with a local firm. This delivered an attractive concept that commanded higher rentals than the market for the investors. The project was completed in 2013.

Integrated Real Estate

Development Management

The development management function in Acorn is undertaken by Acorn Management Services Limited.

Investment Management The central focus of Acorn’s investment management vertical is the two Real Estate Investment Trusts (REITs) that are currently being established. REITs are the ideal investment vertical for sourcing permanent capital to scale up business models centred around rental housing. They are tax-efficient structures and enable access to capital markets. Acorn is initially establishing the Acorn Student Accommodation D-REIT to undertake the development of student housing and the Acorn Student Accommodation I-REIT to hold all income-generating student housing properties.

Investment Management is responsible for both equity and debt fundraising and must ensure that investors risk-return profiles are matched with the different investment opportunities available at Acorn.

The investment management function in Acorn is undertaken by Acorn Investment Management Limited.

Portfolio

Brands

•	Qwetu Student Residences

Qwetu is Acorn’s flagship purpose-built student accommodation brand providing students with the most conducive environment, amenities, and services. The properties feature quality self-contained studios and a full range of amenities including 3 tier security, clean residences, multiple room types, free residents’ gym, free Wi-Fi, student lounges, and more. Qwetu is home to a large and diverse community of students from 53 countries and 63 universities and colleges in Nairobi. It also offers access to free learning courses on Skillshare.

•	Qejani Student Residences

With the Qejani brand, Acorn is serving to expand and improve the student accommodation market, coupled with a product pricing that caters to all income brackets including students who would otherwise have been locked out from access to quality accommodation.

Qejani, is a budget-friendly purpose-built student accommodation brand. Qejani was officially launched in November 2019 and construction is currently underway.

•	Palma

Palma is the executive purpose-built accommodation for young professionals that captures the essence of youthful optimism for those who are looking at kickstarting and building successful networks and careers.

Operating Properties Portfolio

Our Residences offer students a reassuringly clean, safe and secure environment to excel in their studies, discover who they are, build new friendships for life, and experience new cultures.

•	Qwetu Jogoo Road

•	Qwetu Ruaraka

•	Qwetu Parklands

•	Qwetu WilsonView

Development Portfolio

•	Qwetu USIU 3 & 4

•	Qwetu Hurlingham

Sustainability

Acorn aims to address the need for clean, safe, affordable youth accommodation.

•	Social Sustainability Impact By providing secure, comfortable and affordable accommodation increases well-being and subsequently enables higher academic achievement, thus nurturing the development of future leaders.

Acorn is also changing the public perception of quality rental housing by embracing technology and heavily investing in platforms dedicated to property management and maintenance.

•	Environmental Sustainability Impact

efficiently designed and produced buildings, with suitable infrastructure, provide some of the most effective means to achieving our affordability, efficiency and sustainability goals, such as addressing resource scarcity, creating thriving communities and driving economic growth.

Acorn’s commitment is to have all our developments certified by an external green certification agency. To date, all our buildings are certified IFC EDGE, which requires a minimum efficiency improvement in energy, water and material use.

•	Economic Sustainability Impact

Housing remains a top focus area for the Kenyan government and a key development agenda.

Acorn has formed various partnerships with both public and private universities, ranging from collaborative engagements, such as active outreach and marketing to students, to strategic alliances.

•	Financial Sustainability Impact

Acorn is developing new capital structures to drive the growth of our rental housing platform. It is for this reason that we are establishing two Real Estate Investment Trusts (REITs) under the Kenyan REIT legislation, which offers the most optimal structures both to develop and operate rental housing at scale.