Shelter Afrique reacts to reports of loss and damage at Everest Park (Kenya)

By Shelter Afrique | Third Party Partner Press Release September 21, 2017

Shelter Afrique, the Pan-African financier dealing exclusively with the development of affordable housing in Africa, has reacted to reports of cracks and building deficiencies at its joint venture project with Everest Limited.

The financier has stated that while it takes the welfare and safety of all the affected seriously, it was also equally important to set the record straight. Everest Park was developed with Everest Limited as a joint venture to which Shelter Afrique is a shareholder. Therefore Shelter Afrique as a separate entity does not have a mandate to manage the development. Shelter Afrique as a shareholder has exited the development, having completed the contractual six months’ quality control period.

Additionally, it should be noted that the cracks in the buildings are isolated to two blocks of which these cracks are recent manifestations, and residents have been living on the property for four years.

It was further revealed by the financier, that the developers have followed due process and has always cooperated with the National Construction Authority, National Building Inspectorate and the County Government.The inspection report is meant to be submitted ten days from the date of inspection; the inspection took place on the 18th of September 2017, a decision on how to resolve these matters cannot be taken before then.

Addressing reports of incurring a loss on the property, Shelter Afrique & Everest Limited, stated that this reporting was erroneous and should be corrected. The first phase of the development has been completely sold, and residents have taken ownership of the property.

It should also be considered that Shelter Afrique & Everest Limited have held meetings with directors of the Manager, Everest Park Management Limited Everest Park, on the 28th July 2017 and the 18th August 2017 in which the matter of the inspection by the NCA and the County Government was noted to be ongoing.

While remaining resolute that the facts of the matter be properly represented, Shelter Afrique, however, conceded that homeownership is a deeply personal matter and the safety, well-being and quality of life of the residents remain paramount. Shelter Afrique & Everest Limited have convened meetings with all stakeholders to address concerns as they wait for the inspection report to be filed.


Note to Editors

About Shelter Afrique

Shelter Afrique (SHAF) is the only Pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa. A partnership of 44 African Governments, the African Development Bank (AfDB) and the Africa Reinsurance Company, Shelter Afrique builds strategic partnerships and offers a host of products and related services to support the efficient delivery of affordable housing and commercial real estate.

For More Information Kindly Contact:
Name: Babatunde Oyateru
Designation: Communication & Marketing Officer
Telephone: +254733623569

Related stories

AsokoNews Brief

Sign up for our weekly Africa Business Digest, highlighting the Top 5 stories per sector