Nairobi, Kenya – Wednesday, October 16, 2025 – Mi Vida Homes Limited has announced a management-led buyout, acquiring the residential development business from its previous owners, Actis, a global sustainable infrastructure investor. This strategic move, effective Monday, October 13, 2025, and subject to regulatory approval, signifies a pivotal shift for the Kenyan housing market, transitioning a major developer to local control.

The transaction, whose financial details remain undisclosed, represents a significant milestone for Mi Vida Homes, which was established in 2018 as a joint venture between Actis and Indian conglomerate Shapoorji Pallonji. The company's core mission has been to deliver green, affordable, and mid-market housing solutions tailored to local needs.

Historical and Political Context

Mi Vida Homes was founded in 2018 with an initial investment of KSh 12 billion (approximately $120 million) from Actis and Shapoorji Pallonji, aiming to address Kenya's substantial housing deficit. The company has since grown into a robust platform with a strong balance sheet and a diversified capital base.

This buyout underscores a broader trend of institutionalisation within Africa's residential real estate sector, validating a model where global investors incubate and scale platforms before transitioning them to local ownership. Samuel Kariuki, CEO of Mi Vida Homes, described the transaction as the first of its kind for a residential development platform in the Kenyan market, reinforcing the viability of institutional home builders in Africa.

Laws, Policy, and Governance

The transaction is currently awaiting regulatory approval, a standard procedure for such significant corporate acquisitions in Kenya. Mi Vida Homes has consistently operated with high standards of environmental, social, and governance (ESG) practices and financial discipline, a factor highlighted by CEO Samuel Kariuki. The company also received a permit to operate as a REIT Manager in August 2024 from the Capital Markets Authority (CMA), indicating its commitment to deepening capital markets participation.

Stakeholders and Testimonies

Samuel Kariuki, CEO of Mi Vida Homes, expressed gratitude for Actis's role in building a solid, investment-grade platform anchored in sustainability and governance. He emphasised that the buyout marks a new chapter for Mi Vida, positioning it to scale further and deepen its impact.

Louis Deppe, Partner at Actis, noted that the transaction reflects the depth of opportunity in African real estate and validates a model where global investors incubate and transition platforms to local ownership. Ravi Rughani, Principal at Actis, added that the successful transition of ownership to a management-led consortium underscores the strength of the Mi Vida team and the durability of the platform built together.

Evidence and Data

• Founding: Mi Vida Homes was established in 2018 as a joint venture between Actis and Shapoorji Pallonji.
• Initial Investment: Actis and Shapoorji Pallonji injected KSh 12 billion into the business.
• Housing Demand: The annual housing demand in Kenya is estimated at 250,000 homes, with only approximately 50,000 homes developed annually, predominantly in the high-end market, leaving a deficit of 200,000 homes, particularly in the low-income segment (UN Habitat).
• REIT Manager Permit: Mi Vida Homes received a permit to operate as a REIT Manager from the CMA in August 2024.

Risks and Implications

The successful buyout by local management could inspire more local investment and ownership in Kenya's real estate sector, fostering a more self-reliant industry. It also demonstrates that institutional residential developers can be successfully incubated, scaled, and developed to investment-grade quality, positioning them for local capital markets participation. However, the undisclosed valuation of the transaction leaves some financial details opaque to the public and potential investors.

Unknowns and Controversies

The specific financial terms of the management buyout have not been disclosed, making it difficult to ascertain the exact valuation of the transaction. Further details regarding the new ownership structure and any potential changes in strategic direction under the management-led consortium are yet to be fully articulated.

Timeline and Next Steps

The share purchase agreement was signed on Monday, October 13, 2025. The transaction remains subject to regulatory approval, after which the full transition of ownership will be complete.

What to Watch

Observers will be keen to see how Mi Vida Homes leverages its new local ownership to further expand its portfolio of green, affordable, and mid-market housing projects across Kenya. The company has a pipeline of over 3,000 affordable units in Nairobi and other urban centres. The impact of this buyout on the broader real estate market and its potential to encourage similar transitions to local ownership will also be a key area of interest.

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The buyout follows Mi Vida Homes' recent activities, including securing a bulk sale of residential units at KEZA Riruta to a local fund on June 3, 2025, and a strategic partnership with Space Master Properties on May 21, 2025. The company also partnered with KCB to accelerate affordable housing development on April 5, 2025.