Centum Investment Co. Ltd., Kenya’s largest publicly traded investment group, is putting $22 million into a luxury marina project in neighboring Uganda that is expected to be finished by the end of 2016.
Construction of the first phase of Pearl Marina, 20 kilometers (12 miles) southwest of Kampala, the capital, will start in the second quarter of next year, Graeme Reid, managing director of Athena Properties Ltd., Centum’s real investment arm, said today in an interview in the Ugandan capital, Kampala.
“Those who will seek to invest in the project will build according to our plans,” he said. “We shall invest $22 million during the first phase.”
At least $99.5 million will be invested in initial phase, with costs reaching $901.7 million when the entire project in completed, according to a project blueprint obtained by Bloomberg. Additional information on project partners and funding details are not provided in the document.
The marina will provide ferry services, water sports, boat services, a nine-hole golf course and a five-star hotel, according to Reid. It will also have a shopping mall, holiday homes, luxury apartments, a hospital and an international school, he said.
Centum has stakes in companies including regional units of Coca-Cola Co. (KO:US), Kenya Wine Agencies and General Motors Co.’s East African unit. Uganda discovered oil in 2006 and Tullow Oil Plc (TLW), China National Offshore Oil Corp. and Total SA (FP) may spend as much as $14 billion by 2024 to develop the oilfields there.
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