Hostels

Acorn invests 3.6 billion shillings in 3 new student residences

Companies

Acorn invests 3.6 billion shillings in 3 new student residences


Acorn-owned hostels in Nairobi’s Ruaraka. FILE PHOTO | NMG

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Summary

  • Property developer Acorn is set to invest a total of 3.6 billion shillings to build three hostels that can accommodate 4,842 students.
  • The planned projects will be managed by Acorn D-Reit, the unit specializing in the development of hostel brands Qwetu which is the premium offer, and Qejani for the mass market.

Property developer Acorn is set to invest a total of 3.6 billion shillings to build three hostels that can accommodate 4,842 students.

The planned projects will be managed by Acorn D-Reit, the unit specializing in the development of hostel brands Qwetu which is the premium offer, and Qejani for the mass market.

Acorn has incorporated Ebony Creek Properties LLP which will develop Hurlingham Qejani at a cost of 959.6 million shillings. The project is expected to be completed in the first quarter of 2024.

“The developer, Ebony Creek Properties LLP, proposes to construct a 16-storey residential block with 504 units that can accommodate 1,440 students,” the National Environmental Management Authority (Nema) said in a notice inviting the public to comment on proposed projects.

The hostels will offer shared accommodation and shared washroom facilities in line with Qejani’s standard model.

Acorn has also formed Magnolia Creek Properties LLP which will build Qwetu and Qejani hostels targeting Kenyatta University students. Qwetu hostels offer self-catering studios, free gym and Wi-Fi, among other services.

The developer plans to complete construction in the first quarter of 2024 at a cost of 1.9 billion shillings.

“The developer, Magnolia Creek Properties LLP, is proposing to develop a student residence in Northlands City … opposite Kenyatta University along Thika Road in Kiambu County,” Nema said.

“The proposed project will involve the construction of Qejani and Qwetu Model Residences in twin 9-storey blocks… with 924 units accommodating 2,348 students. The development will be completed with a convenience store and cafeteria, laundry room, lounge, reception, study rooms, switch room, pump rooms, garbage collection areas, furniture store, lobby elevator, a cinema area among others in each block.

Acorn has also incorporated Willow Creek Properties LLP which plans to build a Qejani hostel brand targeting students at Jomo Kenyatta University of Agriculture and Technology (JKUAT).

The project, with an expected completion date of the first quarter of 2024, will cost 712.1 million shillings.

“The developer, Willow Creek Properties LLP, proposes to develop student residences comprising a 14-storey block with a total of 378 units to accommodate approximately 1,054 students, with associated facilities and amenities…along Gachororo Road, Juja, Kiambu County,” Nema said. .

The projects are part of Acorn’s plans to expand its portfolio of modern student accommodation close to universities and colleges.

Acorn says monthly rent in hostels in Qejani ranges between $75 (Sh8,500) and $125 (Sh14,000), while residents of Qwetu pay between $135 (Sh15,300) and $300 ( Sh34,000).

In addition to developing the properties, Acorn also holds them for income alongside other investors who have purchased into its real estate trusts.