The Billionaires of Kenya: Edward Kirathe, Man Behind Qwetu and Kejani Hostels

Billionaire Edward Kirathe has built a reputation as one of Kenya’s most influential real estate executives, founding Acorn Holdings Ltd.

Edward has built Acorn Holdings into uncharted territory with innovations that have redefined urban housing.

With over 25 years of experience in East Africa’s property sector, the Acorn founder and CEO has pioneered purpose-built student accommodation (PBSA) and sustainable investment models that are attracting global attention.

According to the Billionaires Africa 2024 report, Kirathe has an estimated net worth of Ksh1.5 billion ($12 million) and is among Kenya’s leading business figures.

Also Read: The Billionaires of Kenya: Uasin Gishu Tycoon and Ruto’s Friend David Langat

Rise From Debt Collector to Billionaire CEO

Kirathe’s path to real estate leadership was far from conventional.

While studying architecture at Jomo Kenyatta University of Agriculture and Technology (JKUAT), he worked part-time jobs, including a stint as a debt collector at Diners Club.

The pay was low, but the lessons on persistence and people skills proved invaluable.

“I used to earn peanuts, but it paid my bus fare and entertainment. I learnt a lot collecting debt from people. It was quite interesting,” he recalled during a past interview with How We Made it in Africa. 

After graduation, he ventured into property development and eventually founded Acorn Holdings, filling a gap in Kenya’s housing sector.

Pioneering Green Finance

Kirathe’s name became synonymous with innovation in October 2019 when he led Acorn to issue Africa’s first Green Housing Bond.

The following January, the bond became the first of its kind to list on the Nairobi Securities Exchange and later the London Stock Exchange, a huge milestone for Kenya’s capital markets.

In 2021, Acorn broke new ground again with the launch of its Student Accommodation Development REIT (D-REIT) and Income REIT (I-REIT), valued at Ksh7.5 billion.

Managed by Acorn Investment Management Limited, a subsidiary of Acorn Holdings, the REITs were the first in East Africa, cementing Acorn’s reputation as a trailblazer.

Today, the company has completed over 65 projects and expanded its asset base to Ksh18 billion ($142 million), primarily driven by demand for affordable, well-managed housing for university and college students.

Also Read: The Billionaires of Kenya: Bharat Shah, Tycoon Behind Fresh, Ting Ting Gums

His Leadership and People Journey

Kirathe attributes much of his success to people, both his teams and the wider networks he has built over the years.

“Many things worry me, but principally it is how to grow my people; how to make them more productive and effective,” 

“People are the best opportunity for a business, and the biggest challenge as well,” he said.

His leadership style is often described as inspiring and generous, with a strong emphasis on mentorship and guidance.

He has spoken frequently about his desire to spend more time empowering young Kenyans, whom he sees as ambitious and boundless but often lacking in mentorship.

“There are fantastically talented young people in Kenya. It amazes me every time I recruit,” he said.

Kirathe’s focus is on consolidating Acorn’s position in student housing while expanding opportunities for young people.

“Not everybody has the mindset to become an entrepreneur. You must have the passion and the will to go on when everyone else advises you to quit. Those who feel they have what it takes have got to be very disciplined and focused.”

Follow our WhatsApp Channel and X Account for real-time news updates.