A local drug store is set to be acquired for Sh. 2 billion. Imperial Health Sciences, which based along Mombasa Road will be acquired by South African investment firm Mara Delta Property Holdings.
“The facility will be leased back to Imperial Health Sciences on a 10-year triple net basis, denominated in US$ and guaranteed by Imperial Holdings Limited,” Mara said it made a deposit on the deal in December.
The investment firm will pay $16.88 million (Sh1.7 billion) for the warehouse and $2.99 million (Sh310 million) for the vacant land.
This acquisition becomes the latest venture into the country. In April last year, Mara bought a 45.5 per cent stake in Naivasha-based Buffalo Mall for Sh. 440 million.
Mara has valued its investment in Buffalo Mall at $6 million (Sh. 603 million), implying a capital gain of Sh. 163 million in less than a year. The mall now brings in two per cent of the multinational’s total revenues and represents two per cent of its assets. The property is however yet to make a profit, with the six months ended December showing a pre-tax loss of Sh.2.8 million.
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