DLA Piper Africa, Kenya (IKM Advocates) is pleased to be advising the U.S. International Development Finance Corporation (DFC) as local counsel in relation to a USD180 million (approximately KES. 23.6 billion) financing of Acorn Holdings Limited (Acorn) for the expansion of the Purpose-Built Student Accommodation (PBSA) program (marketed as Qwetu and Qejani).

The commitment for the financing was signed during the U.S.-Kenya Business Forum hosted by the U.S. Chamber of Commerce and graced by H.E. President William Ruto in Washington D.C. on 24 May 2024. The financing will support the development of 35 new student hostels, delivering approximately 48,000 new beds for affordable student accommodation.

Our team, led by Anne Kinyanjui and David Lekerai, and supported by Esabel Gicheru, Deborah Sese and Naomi Chesiro is undertaking legal due diligence and advising on transaction negotiation and documentation.

Anne Kinyanjui, partner said: “We are excited to work with DFC on such a transformative project. The program underpins Kenyan President William Ruto’s priorities for greater economic engagement between Kenya and the United States and addresses a critical need through the provision of affordable housing to our youth.”

Other advisors include Morrison Foerster as lead counsel for DFC, Hills Stern & Morley LLP and TripleOKLaw LLP as counsel for Acorn, Standard Bank Group as lender and MiDA Advisors as joint arranger and transaction advisor.