The late Nicholas Biwott’s family has sold the iconic Yaya Centre. The family sold the Yaya Centre to the billionaire family of Rasik Kantaria in a deal that is estimated to be worth billions.
The family has already established itself as one of the mist entrepreneurial in the country. The family’s patriarch is 80-year-old Rasik Kantaria.
He founded Capital and Credit Finance company in 1988. This company later evolved to become Prime Bank, of which Rasik is the chairman. He also co-founded First Capital Bank in Malawi which was the country’s first private bank, and later founded a bank in Botswana.
The Yaya Centre is located 5 kilometres from the Nairobi City Centre, with adequate access from Argwings Khodek Road and Ring Road Kilimani.
Yaya Shopping Centre makes the 7 days of shopping week most convenient. Kilimani is also the hub of Karen, Langata, Lavington, Hurlingham and Kileleshwa.
Yaya Centre is a modern multifunctional shopping mall, it was founded in the late eighties in Nairobi and is today one of the leading shopping malls housing over 100 shops and offices.
Following the transaction, the Kantaria family has now taken over both the Yaya Centre and the high-end Yaya Apartments and Hotel.
Ndindi Nyoro tightens his Kenya Power ownership with 32.5 million shares
A court case that had been filed in 1997 had valued the complex at Sh. 3 billion, factoring its highly strategic location and land value. In the current transaction, the mall has not only been valued based on its land, but also on the running businesses and its high demand for rent spaces.
The Nicholas Biwott’s family has been liquidating the former late cabinet minister’s properties over the kast couple of years.
In 2020, the family liquidated his shareholding in oil marketer KenolKobil. Through an investment vehicle dubbed Wells Petroleum Holdings Limited, the family sold a 24.99 per cent stake in KenolKobil to French multinational oil marketing firm Rubis. The deal raked in Sh. 8.4 billion for the family.
