Intl. House

completed

The project involves construction of an office complex (“the complex or “the project”) in Bujumbura, the capital city of Burundi. The complex is being constructed by Progimmo, a real estate holding company, owned by Mr. Edourard Hicintuka and his family. Mr. Hicintuka is a Burundian businessman who has previously been involved in real estate developments in Burundi and is the largest importer and trader in fertilizer in the country. The site is 8,250 m2 and located on Avenue du Large within a new, low density and rise mixed use area (commercial, office, hotels) 2 km from Bujumbura’s central business district, and some 100 m from the edge of Lake Tanganyika. The complex will consist of two separate, yet similar, four storey office blocks with a total lettable area of about 7,000 m2. Once complete, tenants would then be responsible for the final layout of the area being let. Currently there are no construction activities on site, however the foundation for the office building on the site’s northern boundary has been constructed, along with the first floor of the building. This building is located at 90 degrees to the Lake and the second building will be located on the site’s southern boundary. The final orientation for this building is yet to be confirmed however, as opposed to being at 90° to the Lake, it may be angled so as to take advantage of the views afforded by the Lake. The remaining areas of the site will be occupied by parking for approximately 200 vehicles and landscaped gardens, though the latter will be limited due to space constraints. There is a road on the site’s eastern boundary between the site and the Lake, Avenue du Large forms the site’s western boundary, to the south is an access road and further in this direction is a hotel, whist to the north is a vacant site. The general area is characterized by commercial developments under varying stages of construction and the access roads are yet to be asphalted. The total project cost is approximately $8.7 million and IFC is considering a loan of up to $3.5 million, with Progimmo providing the remaining funds.