The Muguku family has now come out to claim that it is not selling its Karen mall popularly known as the Waterfront Karen Mall. This follows the leak of a confidential sale brochure earlier in the week and the subsequent coverage of the upcoming sale on Tuesday.
In a statement, the mall’s managing director David Muguku said that they were not planning to sell the property, even though he had failed to make the same disclosure when the media first reached out to him.
“We would like to dispel this information and let the public, our tenants, and clients know that the information is false and does not represent the position of the management. The information should therefore be disregarded. We would like to further inform the public that any information pertaining to the sale of the property, if any, or any other matter would be issued by the management through official channels,” he said.
According to a report in the Business Daily, the Muguku family had declined to respond to queries on the matter. “Multiple sources told us that the family of the late Nelson Muguku has considered selling the property, hence the creation of the document profiling the mall and which was leaked,,” the paper reported.
The complex was built by Chinese contractor, CJRE East Africa, which is a subsidiary of the China Railway Group Company. The Waterfront Karen has over 1,000 parking bays to use within both open and basement parking, accessible from either Lang’ata Road or Karen Road.
Reports had indicated that the family had placed a Sh. 20 billion price tag on the property. A sale advert was reported as saying as follows:
“The Waterfront is the only 50-acre bulk of land at the centre of Karen and its prestigious environs. The property features over 30 acres of undeveloped land; a goldmine that can be converted into an ultra-modern mixed use development featuring high-end residential, commercial and recreational facilities – creating immense value for an investor. Karen is home to some of the most exclusive and high-profile residences in the country and continues to attract the wealthiest in society.”