News

HF to Forfeit Assets Worth Sh1.59 Billion To Settle Debt

Mortgage Loans, Project Finance, Property Finance Kenya
Image|Courtesy

Cash strapped mortgage financier HF Group will forfeit assets in order to pay back a Sh1.59 billion loan owed to global investment fund Crescent Finco LLP.

The two firms will form a joint investment fund which will hold custody of the land and houses generating profits that will be used to pay back the financier.

HF’s annual report 2019 states that it has transferred Sh2.38 billion assets into the joint fund, in the form of housing units worth Sh1.768 billion, land worth Sh553.35 million, and Sh60 million cash.

HF stake in this investment will be reduced to just Sh788 million after the debt conversion which will give the financier a Sh1.59 billion stake in the assets.

“The assets owned by the property fund will be realized progressively and the proceeds distributed to the partners in accordance with the partnership agreement. Crescent Finco will receive cash distribution first until its investment plus a return of 12 percent is fully paid. The residue will be distributed to HFDI Limited.”

HF group’s subsidiary HF Development and Investment Limited took out the loans in two tranches back in 2017 and 2018, the struggling listed lender had looked to restructure the loan due to its high-interest charge of 18.5 pc.

HF Group has been working to repay expensive loans that was piling and raising concerns that the lender was being forced to pay a premium to access credit.

About the author

Cyprian, Is Nyakundi

Cyprian is a blogger who has an interest in politics, news, current affairs, people and anything that is of interest to society. My aim is to inform and update readers with the most accurate information.

https://spaziosicurezzaweb.com/slot-deposit-pulsa/

https://hort.hdut.edu.tw/wp-includes/slot-nexus/

https://boogoomusicfest.com

https://thesummerhouseapts.com/wp-content/slot-nexus-engine/

https://bpgslot.net/slot-deposit-pulsa/

https://marquiscoralsprings.com/wp-includes/slot-deposit-pulsa/

slot online

slot pulsa

slot pulsa

slot deposit pulsa tanpa potongan

slot deposit pulsa tanpa potongan

anchor

anchor

slot bonus 200 di depan

slot deposit pulsa

http://palais-rouge.com/wp-includes/slot-nexus/

https:https://captiva.be/slot-bonus/

https://asbcred.com.br/wp-content/slot-pulsa/

slot bonus new member

slot deposit pulsa

rtp slot gacor

sbobet

https://saberrentalcar.com/wp-includes/slot-deposit-dana/

https://cosmoroyale.com/wp-includes/slot-deposit-pulsa/

sbobet88

nexus slot

https://mibibe.com/wp-content/slot-dana/

slot deposit pulsa

slot pulsa tanpa potongan

deposit pulsa tanpa potongan

slot dana

slot bonus new member

rtp slot tertinggi

slot bonus new member

slot bonus new member

slot bonus new member

slot bonus new member

slot bonus new member

slot bonus new member

slot bonus new member