NAIROBI, Kenya, Dec. 05, 2017 (GLOBE NEWSWIRE) -- Kings Pride Properties Limited announces that it has entered into a binding commitment letter with Milost Global Inc. under the Mesa Fund 1, a global opportunity fund that is managed by Milost Global Inc. The facility is for a total of $450 million, whereas, $300 million is debt and $150 million is equity.  This financing is to help Kingspride with a working capital and development facility for the company in both the existing and upcoming development plan.

This financing will lead to an IPO of Kings Pride in the US, whereas, the company’s shares will get to be traded on the US market which would help create enormous liquidity and global exposure for the Company and its management. Milost will fund the IPO which will be conducted through the acquisition of a reporting blank check company which will help to expedite the process and have the company’s shares trading before the end of February. The transaction is advised by Palewater Advisory Group Inc. in Johannesburg.

Maj (Rtd) David Karau, Chief Executive Officer of Kings Pride, stated, “Ever since Kingspride Properties Ltd. was founded, we have nurtured our dream to grow around and beyond Kenya. As our team has traversed the Globe for the last 5 years through the USA, UK, Canada, Switzerland, Norway, UAE, South Africa & Botswana, they have endeavoured to fully tap into, not only the market out there, but also link up with giant Investors like Milost Global Inc. In signing the letter of commitment to this exciting partnership with Milost Global Inc., Kingspride Properties hopes to finally realize a long-term dream come true.”

Solly Asibey, Senior Partner & President of Milost Global Africa, stated, “Kings Pride has once more demonstrated their ability, willingness and eagerness to soar within the real estate industry. The East African real estate market is ripe for investments, and we are excited about the commitment that we have just signed with Kings Pride in order to cement our relationship, as well as the great prospects that this partnership offers to all our stakeholders.”

About Kings Pride Properties Limited

Kingspride Properties is a seasoned Property development company in Kenya currently eyeing the greater sub Saharan Africa as an expansion plan. The company has been a leading solution provider towards affordable housing in Kenya as well as top notch developments in the high end markets of Nairobi. “Designing and building residential blocks and communities with international standards bench mark has been a business routine for us,” says the Group CEO & Chairman – Maj (Rtd) D. Karau. To date, Kingspride Properties has delivered over 500 homes in the residential grid while in the current strategic plan has master developments that will include affordable residential properties, hotels, office complexes, shopping malls and business parks in Nairobi, Mombasa and other targeted cities in the continent all ear marked in the strategic expansion.

The economic forces rotating around both consumers and businesses are now eager to emerge from hibernation witnessed at the start of the electioneering period now past us. This is evident in the market with the group having five projects up and running with four mega & exciting others in the pipeline of execution in the coming year 2018. www.kingsprideproperties.co.ke  for more information.

About Milost Global Inc.

Milost Global Inc. is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development. www.milostglobal.com  

About Palewater Advisory Group Inc.

Palewater Advisory Group is a multinational corporate and public affairs advisory firm with headquarters in New York. We specialise in cross-border and M&A transactions, financing, public affairs, political campaign capital raising and strategy. Collectively as the team, we have had an excellent track record with more than 1000 references in our line of advisory work. We have a robust and yet solid network of contacts with specific focus on certain core industries, investment and banking communities. Our directors, leaders, professionals, and senior advisors collectively provide access to senior industrial, political, economic, government and financial decision makers throughout the world.

We provide individual and personal advice and react swiftly to our clients’ needs, while always providing direct access to the team, including the partners involved. As a professional services firm, we provide the best possible advice based on confidentiality and total discretion. We are committed to the principles of integrity and client service, and operate free from any conflict of interest. www.palewateradvisory.com

For more information
Mandy An
info@palewateradvisory.com
Tel: +1-212-709-8206
Fax: +1-212-943-2300