Business Daily quoted the firm saying proceeds from the issue, which will be listed on the Nairobi bourse, will be used to fund the construction of news homes in the capital and two other cities.
The east African nation's housing market is beset by a number of challenges including failure to keep up with demand, a very shallow mortgages market as well as corruption and red tape in the ministry of lands and housing.
Kenya needs 210,000 new housing units a year, well above the 50,000 houses actually built, according to a study by the country's central bank and the World Bank.