Genesis is lead in hostel plan for 35000 Kenyan students
The Kenyan government made infrastructure development through public private partnerships (PPPs) a priority as a mechanism that can help in addressing the major infrastructure gaps in the country and has emphasised expanding access to education from basic to higher education.
To improve success to higher education, several public universities and constituent colleges have been instituted. The scarcity of bed capacities and accommodation within the campus dampens enrolment in the universities and colleges.
In line with the Strategic and Vision 2030, universities and colleges are obligated to meet the increasing demand for higher education as well as in improving the welfare of students.
The client, PPP Unit in the National Treasury of Kenya, sought out the transaction advisory services of the Genesis-led consortium to provide detailed financial, technical and legal work required by five separate universities across Kenya with a total bed capacity of 35,000.
The consortium's services extended from feasibility to procurement stage. As lead, Genesis coordinated and ensured delivery across the seven-firm consortium. The feasibility stage entailed the completion and approval of five full feasibility study that established the technical and environmental soundness, economic justification, PPP viability, commercial attractiveness and bankability of each hostel accommodation project.
The procurement stage entailed the production of project marketing documents including Project Information Memoranda and road show presentations; preparation of bid documents, including pre-qualification, Request for Proposal (RfP) and PPP draft agreement documentation; assistance with the selection and contracting of the preferred bidder.
The feasibility report was submitted in mid-September 2016 and requests for qualification went out at the end of 2017 for three of the five student hostel PPP projects.
A milestone was reached in April 2018 when five joint ventures and a Chinese firm were shortlisted for construction of 23,400 multi-billion Kenyan shilling hostel units at three universities.
Genesis leveraged its expertise in conducting appraisals of public projects, founded on data-driven analysis enabling our client to make a holistically informed decision.
Private investors to build 23,000-bed hostels in public varsities