Acorn Raises $41 Million in Kenya’s First Green-Bonds Offer

Acorn Project (Two) LLP, a closely held property developer and manager, raised 4.26 billion ($41 million) from Kenya’s first green-bond offering, falling short of the targeted $50 million.

“The subscription book was well diversified in terms of its funding base with significant interest from Kenyan domestic pension funds, commercial banks, insurance and re-insurance companies and non-resident funds,” the company said Thursday in an emailed statement.

The funds will be used for the construction of student accommodation in the Kenyan capital, Nairobi. Acorn established 10 wholly owned special purpose limited-liability partnerships to acquire and hold properties and other assets for the project, according to the information memorandum for the offer. Source: Bloomberg