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Singapore firm buys 20% stake in CITICC
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URBANIZATION and infrastructure consultancy Surbana Jurong Pte Ltd said yesterday that it has taken a 20 percent stake in China’s CITICC (Africa) Holding Ltd, which would see it potentially developing 30,000 affordable homes in Africa in the next five years.
According to a press release by the Singapore-based company, Surbana Jurong said it is investing in 20 percent of CITICC (Africa) Holding Ltd.
CITICC is a US$300 million investment platform set up between International Financing Co, a member of the World Bank Group, and Chinese multinational construction and engineering company, CITIC Construction Co.
The consortium will partner with local housing developers and provide long-term capital to develop the homes over the next five years, according to the company.
The newly formed company following the high-profile merger of Surbana International Consultants and Jurong International has also taken a stake in an American software company, a spinoff from Google X, which builds collaborative cloud-based software tool used for building design, urban solutions and master planning, which will grow its sustainable and building design capabilities.
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