Acorn NewCo Limited (IFC-39506)

Countries
  • Kenya
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
ACORN NEWCO LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 105.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 3,000.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 29, 2017

Disclosed by Bank Aug 21, 2017


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Project Description
Acorn NewCo is in the process of being registered in Kenya and will act as the borrower. Acorn Holdings, domiciled in Mauritius, is a newly set up entity equally owned by Acorn Investments Limited ("Acorn Investments”) and Accord Holdco Ltd which in turn is owned by Helios Investors III LP (“Helios”). Helios is one of the largest Africa-focused investment firms with a track record that spans across start-ups to established companies. It manages funds totaling c. $3 billion including three generalist funds in which IFC invested a total of US$105 million and has co-invested in 4 projects.The project involves the construction of 3,500 self-contained units over six years in high-rise apartments for university students and newly employed former tertiary students. The Project cost is estimated to be approximately US$75 million. IFC is expected to invest in a secured A-Loan of US$40 million from its own account.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Contact Person: Vandick Kwena Company Name: Acorn NewCo Limited Address: 2nd Floor, Acorn House, 97 James Gichuru Road - Nairobi - Kenya Email: Vandick.Kwena@amsl-africa.com Tel: +254 20 259 2671/2 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/