Kasada Hospitality Fund LP (MIGA-15028)

  • Rwanda
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Condor KGL Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 28.30 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 241.19 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 225.9
Converted using 2023-06-06 exchange rate.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Jun 6, 2023

Disclosed by Bank May 23, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, this summary covers equity and shareholder loan investments, by Kasada Hospitality Fund LP (Kasada) of Mauritius, through Condor KGL Limited of Mauritius, into Condor KGL Rwanda Holding Limited and Condor KGL Rwanda Limited, both entities incorporated in Rwanda. MIGA has been requested to provide political risk insurance coverage for up to US$28.3 million against the risks of expropriation, transfer restriction and currency inconvertibility, and war and civil disturbance for a period of up to 15 years.

The project consists of (i) the acquisition and refurbishment of the Umubano Hotel in Kigali, Rwanda (the "Hotel"), and its conversion to a 138-key Movenpick hotel; and (ii) the development of a MICE facility including a Wojo co-working space, a health club and conference and events space (the "Project"). The acquisition of the Hotel was completed in June 2022.

This project is part of a Master Contract issued to Kasada in 2021, which covers a portfolio of existing and new hotels in Sub-Saharan Africa. Kasada Hospitality Fund is a private equity fund with a focus on the Sub-Saharan Africa hospitality sector. The fund is owned by the Qatar Investment Authority (Qatar's sovereign wealth fund) and Accor (the 6th largest hotel management company in the world) as limited partners. Kasada expects to establish a portfolio of more than 20 hotels (estimated 4,000 hotel keys) requiring a total investment (debt and equity) of US$1 billion.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Condor KGL Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Local Access of Project Documentation:

Contact Person: Pierre Etienne de Montgrand

Company Name: Kasada Capital Management

Email:  pierre-etienne.demontgrand@kasada.com

Phone: +27 10 541 0906


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