Insurance firm Jubilee Holdings has bought Coca-Cola East Africa’s former head office located in Nairobi’s Upper Hill at a cost of Sh. 1.1 billion. Following this acquisition of the former Coca-Cola offices, Jubilee has announced that it will move into the premises in September 2022.
The purchase comes two and a half years after Coca-Cola put the building on sale.
“We bought the Coca-Cola building at a cost of Sh. 1.1 billion. We got a very good deal,” Jubilee Holdings chairman, Nizar Juma said.
“We are adding one floor and also doing renovations. We expect to move in September. We got a good deal. They had been trying to sell for some time,” added Juma.
The three-storey complex covering 116,350 square feet on 3.26 acres. The Grade A office building with 130 parking spaces is strategically located in the business district.
It occupies one acre with the rest undeveloped. It has a sound-proof auditorium, gym, fitness studies and a cafeteria.
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The property served as a regional headquarter for Coca-Cola Central East and West Africa overseeing operations in 14 African countries. The company has since moved to newly-built 90 James Gichuru.
The Coca-Cola headquarters had cost about Sh. 700 million. Reports had indicated that Coca-Cola was looking to fetch at least Sh.1 billion from the building, based on its modern and green architecture that improves natural lighting, ventilation and harnesses water harvesting for its greening programme.
