The iconic 31-storey UAP Old Mutual Tower has been put on sale again. The building which is located in Upper Hill is being sold by Old Mutual Holdings as part of a plan that will see the firm sell assets worth some Sh19.4 billion. UAP Old Mutual Tower is owned by UAP Old Mutual Group, a financial services conglomerate headquartered in Kenya, with subsidiaries in six African countries.
In 2015, the building became the tallest building in Kenya upon its completion. The building surpassed the Times Tower which had held that record for 15 years. The Times Tower is the headquarters of the Kenya Revenue Authority. The UAP Old Mutual Tower has rentable space that measures 29,000 square metres (310,000 sq ft).
The construction of the tower was financed through private equity at a total of approximately USD 40 million. The building opened for business on 5 July 2016 and was 50 per cent filled on opening day. The building was first put on sale in 2023. At the time, it was valued at an estimated Sh5.5 billion.
According to Old Mutual chief executive officer Arthur Oginga, the firm already has sale agreements for some of its properties in the Sh19.4 billion assets portfolio that it is looking to sell.
“We have sales agreements for two properties in Kenya. The government of Rwanda has also paid us a deposit on a property while in Uganda, we are at the valuation stages. In South Sudan, we have had some offers. We will be selling the Old Mutual Tower as a standalone unit and are currently in negotiations,” he said.
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The firm’s main properties in Nairobi include Equity Centre, Telkom Place, Union House, NCBA Annex and Kimathi House. In Uganda, the firm owns Nakawa House, the Nakawa Business Park and a plot of land. In South Sudan, it owns a plot of land, the Juba Apartments, and the Equatorial Tower. In Rwanda, it owns a single property.
