Bloomberg News

Housing Finance of Kenya Exploring Longer-Term Financing Options

October 31, 2011

Oct. 31 (Bloomberg) -- Housing Finance Ltd., Kenya’s only publicly traded mortgage lender, said it’s exploring longer-term financing options to cushion the company from “huge fluctuations” in short-term funding instruments.

“The firm recommends the introduction of 25-year housing bonds targeting institutional investors such as pension funds; and Real Estate Investment Trusts to address the funding challenges facing the housing sector,” Managing Director Frank Ireri said in an e-mailed statement today from Nairobi.

Housing Finance today posted a 63 percent increase in third-quarter profit to 407.5 million shillings ($4.1 million) as total interest income grew 33 percent to 2.4 billion shillings.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


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