HFDI

HF Development and Investment Ltd. (HFDI) was incorporated in 1913 as, The British East African Permanent Building Society and Savings Bank Limited. It was later registered as Kenya Building Society (KBS) HFDI has over the years evolved from a property financier to a fully owned subsidiary and real estate development arm of the HF Group.

HFDI is credited with the development of Buruburu and Komarock estates from mid -1970 to the late 1990s. On 9th May 2012, HFDI made a grand return to property supply after a 13-year absence, with the objective of  spearheading the supply of quality and affordable housing to the urban population in Kenya. The company has embarked on an aggressive strategy aimed at addressing the acute shortage in supply of affordable housing in Kenya through fully owned developments, Joint Ventures and Public Private Parnerships

History

1913

The Kenya Building Society Limited (KBSL) was founded and was the earliest building society in Kenya set up to serve the needs of the immigrant communities.

1956

KBSL was registered under the Companies Act. In 1956, the constitution was changed and therefore on 11th September 1956 KBS was registered under the Building Societies Ordinance of 1956 with its Head office located at Kenwood House along Hardinge Street (now Kimathi street).

1965

Inception

Housing Finance Company of Kenya was incorporated as the premier mortgage Finance Institution in Kenya licensed under the Banking Act with the CDC and the GoK owning 60% and 40% respectively.

1966

Operations

  • Housing Finance started operations with the main objective of implementing the government’s policy of promoting thrift and home ownership by lending funds advanced from First Permanent East Africa Limited (FPEA)
  • Operations were restricted to the zoned residential areas within Nairobi and Mombasa. 
1968

Deposits of FPEA in Kenya were transferred to HFCK while the Tanzanian and Ugandan deposits were transferred to The Permanent Housing Finance Company of Tanzania and the Housing Finance Company of Uganda respectively.

1970

On 1st January 1970, HFCK acquired the whole shareholding of the FPEA thereby acquiring the latter’s wholly owned subsidiary Kenya Building Society.

In January 1970, HFCK moved its headquarters to the newly acquired Portal House (now Alyusra House) on Library Street, off Portal Street (now Banda Street) for use as the Head Office and banking hall.

1971

The new office space soon proved to be inadequate and therefore on 1st June 1971, HFCK increased its administrative offices by taking over a whole floor of the adjacent Nanak House along Kimathi Street.

1973

Buru Buru Estate is commissioned

Buru Buru Estate was commissioned in 1973 by the then Mayor of Nairobi, Margaret Kenyatta.

1973

Buru Buru Estate is commissioned by the then Mayor of Nairobi Miss Margaret Kenyatta.

1974

Completion of Buru Buru phase 1 comprising of 926 houses.

1974

Buruburu phase I comprising of 926 houses was completed in 1974

1975

The construction of Rehani House, the current Head Office at the junction of Kenyatta Avenue and Koinange Street commenced in 1975 and the building was completed in 1978.

1977

Buruburu phase III comprising of 625 houses and was completed between 1977 and 1978

1979

HFCK continued mobilizing deposits through Savings and Deposit accounts and also introduced other products including the Fixed Term Deposit Accounts. HFCK’s branch network stood at 3 branches in Nairobi, Mombasa and Nakuru and 1 agency, Thika Agency

1980

HFCK’s slogan transitioned from ‘In Pursuit of Shelter’ to ‘The Rock of Kenya’ in the late 1980s to inspire confidence amongst its customers and general public.

1987

Prince Charles visited Buru Buru Estate

1987

On the 31st March 1987, Prince Charles’ visited Buruburu estate when he was on a 3-day tour in Kenya to view CDC projects as one of the directors

1988

The construction of Komarock housing project commenced.

1990

The final phase of Komarock was completed in 1990

1992

In October 1992, HFCK offered part of its equity (18,000,000 new ordinary shares) up for sale to the public at Kshs. 7 and became a quoted company on the Nairobi Stock Exchange.

The issue was more than three times oversubscribed.

1994

KBSL continued developing the Komarock estate in the 90s with Komarock Phase II consisting of 197 two and three bedroom houses being ready for sale on 10th February 1994

1996

KBSL finished the construction of estates outside Nairobi, that is, 100 houses at Fahari Estate in Bamburi / Mtopanga, Mombasa

1998

HFCK events organized Kenya’s first Housing Exhibition in 1998 and 1999 at the Kenyatta International Conference Centre which brought together players in the real estate industry.

1999

Building of Komarock Phase V was completed

2001

3rd July 2001, HFCK’s MD Mr. Peter Lewis-Jones launched a Property Shop on the 8th floor of Rehani house whose purpose was to enable customers purchase property through HFCK.

2001

3rd July 2001, HFCK’s MD Mr. Peter Lewis-Jones launched a Property Shop on the 8th floor of Rehani house whose purpose was to enable customers purchase property through HFCK.

2002

6th March 2002, rebranding from Housing Finance Company of Kenya to the vibrant and aptly named Housing Finance (HF) - a company built on the strength of the old yet clearly focused on availing new housing solutions to homeowners and meeting the growing housing challenges.

2006

Frank Ireri was appointed the HF’s MD on the 1st of July 2006.

2007

In March 2007, HF set up a Project Finance team to provide solutions and financing for the growing base.

On the 11th July 2007, CDC Plc – the single largest shareholder in HF at the time - sold its 24.9% interest in HF to Equity Bank Limited and British American Investment Company Limited (BAICL).

The shareholding stood at 7.32% GoK, 20.0% EBL, 4.9% BAICL, 7.87% NSSF and 59.91% to the public. Property Point, a one-stop shop for property developers, estate agents, suppliers of housing and construction materials and property buyers to acquire property under one roof, was set up.

 

2008

HF entered into an agreement with the GoK through the Ministry of Housing to provide mortgages at subsidized rates to the civil servants through the Civil Servants Mortgage Scheme opening the door for thousands of civil servants across the country to access mortgages.

2010

HF successfully raised Kshs. 7B - which was the first tranche of a Kshs. 10B offer - from the bonds market to fund business growth. The Bond was oversubscribed by 41% from the original target of Kshs. 5B.

2012

KBSL - which had been scaled down to a Unit within HFCK - was revived and immediately embarked on the construction of Komarock phase 5A

2012

HF Insurance Agency begun operations, and was formed to serve existing HF customers

2012

HF Insurance Agency begun operations, and was formed to serve existing HF customers

2013

HF innovated a new solution, Ezesha, offering 105% mortgage financing, allowing customers to access mortgages to enable home ownership for more Kenyans

Komarock Phase 5A consisting of 162 units was completed and signed two Joint Ventures with land owners in Riruta (Precious Heights) and Kahawa (Kahawa Downs) to develop and supply 174 and 220 affordable housing units respectively.

2013

Komarock Phase 5A consisting of 162 units was completed.

HF signed two Joint Ventures with land owners in Riruta (Precious Heights) and Kahawa (Kahawa Downs) to develop and supply 174 and 220 affordable housing units respectively.

2015

In August 2015 the Company received approval from the Central Bank of Kenya (CBK) to establish a non-operating holding company and rebranded from Housing Finance to HF Group Limited. The banking and mortgage business was transferred to HFC Limited, while the Kenya Building Society rebranded to HF Development and Investment Limited.  

Westlands, Kitengela, Sameer, Kisii and Naivasha branches were opened within the year.

2015

TVET on wheels launched to address the shortage of relevant skills in the Building and Construction sector. The programme aims to tackle this shortage through training the aspiring artisans and up skilling existing artisans on live construction sites in practical skills.
2015

TVET on wheels launched to address the shortage of relevant skills in the Building and Construction sector. The programme aims to tackle this shortage through training the aspiring artisans and up skilling existing artisans on live construction sites in practical skills.
2015

TVET on wheels launched to address the shortage of relevant skills in the Building and Construction sector. The programme aims to tackle this shortage through training the aspiring artisans and up skilling existing artisans on live construction sites in practical skills.
2015

KBSL rebranded to HF Development and Investment Limited (HFDI)

Precious Gardens development at Riruta was completed

Komarock 5B was also completed

President Uhuru Kenyatta officiates the groundbreaking of Komarock Heights

2015

After rebranding, HF Insurance Agency began offering insurance solutions externally to the general public offering solutions from various underwriters.

Solutions offered include life, business, general and medical insurance.

2015

After rebranding, HF Insurance Agency began offering insurance solutions externally to the general public offering solutions from various underwriters.

Solutions offered include life, business, general and medical insurance.

2015

After rebrand, HF Insurance Agency began offering insurance solutions externally to the general public offering solutions from various underwriters.

Solutions offered include life, business, general and medical insurance.

2016

In January 2016, a new core banking system was introduced to improve on service delivery.

Komarock Phase 5A consisting of 162 units was completed. The year also saw the commencement of two new Joint Venture projects, Precious Gardens Phase One in Riruta and Kahawa Downs in Kahawa Wendani with 174 and 220 affordable housing units respectively. 

2016

In January 2016, a new core banking system - PROFITS- was introduced to improve in service delivery.

7 new branches were opened; Komarock, Hurlingham, River Road, Machakos, Nanyuki, Ongata Rongai and Embu, bringing the total branch count to 25.

2016

In January 2016, a new core banking system - PROFITS- was introduced to improve in service delivery.

7 new branches were opened; Komarock, Hurlingham, River Road, Machakos, Nanyuki, Ongata Rongai and Embu, bringing the total branch count to 25.

2016

K-Mall, the new family mall at Komarock was completed

Kahawa Downs is completed

Construction begins at Richland Pointe, Kamiti Road

Awards

Leadership

  • Board Of Directors
  • Benson I Wairegi Benson I Wairegi Director ×

    Benson I Wairegi - Director

    Benson is currently Group Managing Director of Britam Holdings Limited. He joined British-American Insurance Company Ltd. (as it was then called) in 1980 as the Chief Accountant. He had previously worked with Price Waterhouse, the forerunner of PricewaterhouseCoopers for 3 years. Benson’s is currently Vice Chancellor of Kenyatta University.

    Benson holds a Bachelor of Commerce degree in Accounting and an MBA in Strategic Management. He is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).

  • Peter Munga Peter Munga Director ×

    Peter Munga - Director

    Mr. Munga is the Chairman of Equity Bank Limited, Chairman of National Oil Corporation (NOCK), Chairman of Micro-Enterprise Support Programme Trust (MESPT) and a director Rockfeller Foundation, Equatorial Nut Processors and British-American Investments Company (Kenya) Ltd. He is an enterprising businessman and runs the Pioneer Group of Schools. He is a Certified Public Secretary with vast experience in both public and private sector management and holds a diploma in Human Resources and Financial Management. Mr. Munga is a retired Deputy Secretary.

  • James Karanja James Karanja Executive Director ×

    James Karanja - Executive Director

    James joined HF Group in May 2009 as a Senior Manager-Project Finance. He was later promoted as Head of Project Finance in June 2010. He is currently the Executive Director – HFDI. James has over 10 years banking experience having previously worked at CFC Bank Limited and Co-operative Bank of Kenya Limited. James holds a Master in Business administration (MBA) qualification from Warbrough University UK and is a qualified member of the Associate Kenya Institute of Bankers (AKIB).

  • Caroline Ongeri Caroline Ongeri Director ×

    Caroline Ongeri - Director

    An experienced Manager with a civil engineering background. A key strength is leading multi-disciplinary teams to deliver business objectives. Currently working as the facility manager at Rabai Power and responsible for setting up the operations of the Rabai Power Plant.

    Experienced in turning around businesses particularly the Kenya Shell B2B business, where through portfolio alignment and stringent trade debt management, improved the profitability of the business during a period of rising fuel prices.

    At the Shell Foundation developed the scaling-up and spinning off strategy of a programme addressing indoor air pollution. Raised global awareness of the health impact of indoor air pollution from cooking with wood as well as the benefits of adopting a commercial based approach in tackling indoor air pollution. Supported the development of stove emissions standards and epidemiological studies to demonstrate exposure/health impact linkage. Indoor air pollution is now globally recognized as a leading cause of death by several countries.

    Marketing strategy and implementation experience from various launches including launching the first differentiated diesel – Diesel Extra in Kenya, Senegal, Uganda and South Africa. Other product launches include Rimula Lubricants, Pampers baby diaper and Ariel detergent in Kenya.

    Seven years’ experience as a consulting Civil Engineer working mainly on the design and project management of building structures.

  • Frank Ireri (EBS) Frank Ireri (EBS) Director ×

    Frank Ireri (EBS) - Director

    Frank Ireri was appointed Managing Director in July 2006, and Group Managing Director on 1st July 2015. He is a seasoned Banker with more than 20 years standing experience and joined the Company from Barclays Bank of Kenya where he was Head of Barclay Card Africa, covering Kenya, Botswana, Zambia, Mauritius, Seychelles and Egypt. Prior to this, he worked with Citibank and Commercial Bank of Africa. During his banking career, he has had international exposure in the Philippines, Poland, Sri Lanka and Zambia.

    In 2014, as part of the Citi Alumni Network, he was awarded the distinguished alumni award for Leadership & Ingenuity in recognition of his tremendous achievements and innovations in the Kenyan mortgage finance industry.

    In 2011, the former President H.E. Mwai Kibaki conferred upon him the Elder in the second class of The Order of the Burning Spear (EBS) in recognition of his distinguished service rendered to the Nation.

    Frank holds a Bachelor of Commerce degree from the University of Nairobi and is a Certified Public Accountant (CPA K).

     

  • Constantine Barasa Constantine Barasa Director ×

    Constantine Barasa - Director

    Constantine joined HF Group in July 2006 as an Internal Auditor, rising through the ranks to become the Head of Internal Audit and was later promoted to Assistant General Manager - Risk and thereafter General Manager – Risk before being appointed to his current position. He is a Bachelor of Commerce (Accounting) graduate from the University of Nairobi, a Certified Public Accountant CPA (K) and a Certified Public Secretary CPS (K). He also holds an MBA from the University of Nairobi.

  • Dr. Kaushik Manek Dr. Kaushik Manek Director ×

    Dr. Kaushik Manek - Director

    Dr. Kaushik Manek was appointed as a Non-Executive Director of HF Group Limited effective 26th June 2015. Upon completing his education, locally in Kenya and the UK, earning himself a degree in Marketing and Advertising, Dr. Manek joined the family business in 1978 and has since been instrumental in its growth from a small retail shop in Nairobi to multi-faceted business interests in Kenya and beyond. 

    Dr. Manek is committed to both social and community service. This is exhibited through his extensive involvement with Rotary since 1997, having worked through the ranks within the club level and eventually serving as District Governor in 2008- 2009. His social service spans beyond Rotary and is reflected through community leadership roles within the Lohana community, the Hindu Council and the Desai Memorial Foundation, amongst others.

     

  • Adan Mohamed Adan Mohamed Chairperson ×

    Adan Mohamed - Chairperson

    Adan joined the board on 15th October 2012. He is the Chairman and a Member of the Board of Trustees at the National Social Security Fund (NSSF). Adan has extensive knowledge and expertise in Law having engaged in legal representation in and outside the country. He has also engaged in the training and evaluation of law enforcement officials in matters involving access to justice and eradication of inequalities based on race, gender or national origin.