Investment Housing Solutions group of companies (collectively, “IHS”) is a private equity firm focused on affordable housing in Africa. IHS is an asset manager of four affordable housing funds in the Southern African region and owns a listed REIT in the Johannesburg Stock Exchange. IHS has developed a solid track record in the African affordable housing space with operations across four countries in the Sub-Saharan African region (South Africa, Namibia, Botswana and Kenya). IHS is a wholly owned subsidiary of U.S. based Hunt Companies, Inc., a real estate and infrastructure fund manager.

The Fund has a target equity investment of up to €130 million (~US$ 140 million) from various institutional investors, of which IFC expects to invest up to €19.3 million (~ US$ 20.9 million) in equity, but not to exceed 20% of total fund size. This investment will be in the form of a co-investment package with up to €10 million for IFC’s own account and up to US$10 million equivalent in Euros from IFC acting as the implementing entity of MAGC.

The Fund will invest in real estate projects, with an initial focus on Nairobi County in Kenya and a minimum of 15% of the Fund’s committed to areas outside Nairobi, Kenya.

 Not Applicable.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability. Key risks and issues associated with this Category-B project will include: (a) IHS’ E&S capacity, management systems and staffing to manage construction and operation of proposed projects in line with IFC Performance Standards (PSs); (b) adequate E&S screening and due diligence for the proposed developments; (c) assurance of fair, safe and healthy living and working conditions for the workers (especially during construction); (d) conservation of energy, water and process materials including green building design; (e) emissions, effluents and waste management during both construction and operation in line with WBG EHS Guidelines; (f) life and fire safety design of the proposed developments; (g) impacts on nearby communities due to construction activities, traffic and security; and (h) community grievance management.