Kenya Airways has sold is five acre land in Embakasi for Sh. 400 million.
The land was sold to Kenya Medical Supplies Agency (Kemsa) and was part of multiple asset sales aimed at strengthening its financial position. KQ early last year invited bids for two parcels of land opposite its training school —one measuring 24.71 acres and another of 5.56 acres.
“We completed the sale of the five acres to Kemsa. We have signed the contract and expect them to send us the money in the next couple of days,” said Mbuvi Ngunze, KQ’s managing director.
The two plots in Embakasi are in an area where the market price per acre is between Sh80 million and Sh100 million. Lloyd Masika, the valuation and estate agent, was handling the transaction.
The sale of assets, which includes the sale and leasing of aircraft as well as proceeds from disposing of the Embakasi land, is expected to earn the carrier Sh14.6 billion.
KQ’s latest annual report indicates that its investment in freehold land and buildings as at March 2015 was valued at Sh5.05 billion, down from Sh7.3 billion posted a year earlier.
