Nairobi, April 8 -- Property developer Acorn Holdings has opted for Kijabe Street to host its first student hostel facility in the Nairobi Central Business District, new disclosures show.

The company, which develops student hostels under its Acorn Student Accommodation Development Reit (ASA D-Reit), intends to put up a facility with a capacity of 2,400 beds on the property, targeting institutions such as the University of Nairobi and the Technical University of Kenya.

A Reit refers to real estate investment trust, a vehicle that allots units (shares) to investors seeking exposure to the property market.

In the Nairobi CBD, the developer expects to set up two separate units under its Qwetu and Qejani brands.

"The group is in the proces...