GulfCap Bank, Heri Investments ink Ksh.2.1B deal to expand Nova Pioneer Schools

The partnership, which will be managed under Heri Tripple Net Investments LP, marks a major boost for education infrastructure and Islamic finance in the country. Proceeds from the Ksh.2.1 billion offer will be used to acquire ordinary shares in two companies owning Nova Pioneer’s schools at Tatu City, which are valued at Ksh.3.23 billion.

The initiative comes as part of GulfCap’s strategy to unlock value from its Sharia-compliant investment funds. Heri PLC, the project’s promoter, has already committed Ksh.1.13 billion to the venture through direct investment and its wholly owned subsidiary, Heri Holdings Limited.

Speaking during an investor’s dinner in Nairobi, GulfCap CEO Mr. Saud Shahbal said; “This partnership aligns with our mandate to support Sharia-compliant ventures that also uplift communities. Education is a critical pillar of development, and we’re proud to play a role in strengthening it.”

Investors in the limited partnership can expect an average total return of 14.24% per annum over a ten-year period, combining both dividends and capital gains.

Heri Investments CEO Mr. James Kaniaru said the funds will enable Nova Pioneer to expand and improve facilities while maintaining its commitment to holistic learning and leadership development.

Nova Pioneer operates 15 schools across Kenya and South Africa and is recognized for its academic excellence, character-building curriculum, and a focus on innovation and leadership.

The partnership not only supports the growth of quality education but also demonstrates the viability and growth of ethical investing through Islamic finance in Africa’s real estate and education sectors.