Kenyan Developer in Deal with US Firm to Tap Diaspora Cash

Article By  Tue, 07/22/2014 05:14PM -0400

A New York Stock Exchange-listed firm, Remax, has signed a deal with a Kenyan developer to tap diaspora cash from those seeking to invest in real estate. The five-year deal is based on a revenue sharing agreement with Kings Pride, a local investment company. Remax, which operates through a franchise model globally, said the deal will help to tap the huge appetite for real estate by Kenyans living overseas. “Globally, real estate investment has become a key component of doing business and we want to expand our footprint through partnership to reach as many countries as possible,” said Chip Nathan, the Remax global director, in an interview. Kings Pride founder Karanja Karau said the partnership is targeting to link the company with Kenyans in the diaspora who want to invest back home, but lack the know-how on where or who to contact. “Remax will be our ambassador in the US and this will play a critical role in strengthening our presence as we plan to hold ‘Kenyans Diaspora Homes Expo’ in New York next month,” said Mr Karau. The US expo will be open to other housing stakeholders including banks. – Business Daily